Emirates Islamic Bank to use Infosys product

Dubai-based Sharia-compliant Emirates Islamic Bank has selected Finacle banking software product of Indian IT bellwether Infosys for its operations across the Gulf region.

"Finacle will enable the Islamic bank to serve its customers with greater efficiency, manage its operations more effectively and meet reporting and compliance obligations," the software major said in a statement here Tuesday.

With Finacle, the bank will also be able to create a range of products and services that are compliant with the stringent Sharia business rules and accounting rules.

"Our solution will also ensure transparency of accounting and profit-sharing along with operational risk control," the statement said.

According to Michael Reh, Infosys vice president and global head of Finacle, Islamic banks have shown strong growth over the years with global potential for expansion.

"To leverage this opportunity, Islamic banks need a robust and flexible technology backbone which can empower them to innovate faster and deliver personalised banking experiences," Reh said.

The IT outsourcing firm hopes the partnership would act as a model deployment for banks offering Islamic banking services.