Oracle FLEXCUBE Enables Dedicated Islamic Bank to Go Live in Five Months, providing Customers with an Enriching, Personalized and Modern Banking Experience
To help differentiate itself as a new financial services institution in Oman, alizz islamic bank implemented Oracle FLEXCUBE for its core banking platform. The dynamic solution will enable the company to provide innovative corporate and retail banking services and products that support Shari’a Compliance, as well as highly personalized customer service.
alizz islamic bank, one of the first dedicated Islamic banks in Oman focused on offering Shari’a-compliant personal and business banking solutions, built its core banking infrastructure on Oracle FLEXCUBE solutions to deliver highly differentiated service and support compliance with Shari’a law.
alizz islamic bank selected Oracle FLEXCUBE due to its rich functionality, including its ability to support Islamic banking. Further, the solution could be implemented within the bank’s short timeframe, with the full core and internet banking solution going live in just five months.
Oracle’s best-of-breed technology enabled the bank to launch a full range of personal and business banking solutions to support dynamic customer financial objectives. The solution:
Enables rapid launch of a wide range of personal and business banking products – including deposit products, asset products, corporate banking and treasury services – to meet varied customer needs.
Provides the flexibility to respond to a changing and dynamic market with industry best-practice business processes.
Increases operational efficiency and delivers a differentiated experience to customers in person, via the web and from mobile devices.
“As Oman’s “Most Innovative Islamic Bank 2013” by Global Banking and Financial Review, we want to provide an enriching memorable experience to our customers with innovative products and services that are both compatible and up to date with the digital world and support compliance with Shari’a law,” said Jamal Darwiche, acting chief executive officer, alizz islamic bank. “Oracle FLEXCUBE helped to enable us to immediately achieve the results we desired, while also providing us with a modern, integrated banking platform that will support future growth. A project of such complexity was executed in a record breaking timeframe of under five months by the joint team. We are proud of what we have achieved.”
“FLEXCUBE offers versatile business functionality for banks,” said Chet Kamat, CEO and Managing Director, Oracle Financial Services Software. “Our pre-configured Islamic banking capability combined with a proven implementation track record enables our customers to achieve their business outcomes while effectively managing risk. We are proud to have been a partner of alizz islamic bank in their strategic initiative.”
About alizz islamic bank SAOG
alizz islamic bank is one of the first dedicated Islamic banks in Oman. With an aim to offer customers an enriching banking experience designed for today’s modern world, the Bank has focused its investments on human capital and best of breed of technology to enable the delivery of exceptional, responsive customer service. Transparent processes and innovative products and solutions that are inspired by Islamic Shari’a cater to the diverse needs of both personal and business customers.
Founded in 2012 in accordance to Royal Decree No. 69/2012, the Bank’s total paid up capital is 100 million Omani Rials of which 40% was raised by public investors during the Initial Public Offering (IPO) in September 2012. alizz islamic bank is promoted by Huriah Company LLC, aabar Investments PJS, First Energy Oman and Tasameem Real Estate Company LLC.