Connect with us

E-Financial

ICS Financial Systems to Participate @ AAOIFI’s Shari’ah Conference

Published

on

Spread the love

ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions, has participated in the 17th Annual Shari’ah Conference of The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the leading  international not-for-profit organisation primarily responsible for development and issuance of standards for the global Islamic finance industry.

The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) held the AAOIFI 17th annual Shari’ah conference on Sunday and Monday 02-03 Sha’ban 1440H, 07-08 April 2019 at the Gulf Hotel in the Kingdom of Bahrain.

This influential event discussed an array of key and latest developments and issues across the Islamic financial industry with the participation of heads and members of Shari’ah boards, leaders of Islamic financial institutions and stakeholders from around the world as well as academicians, scholars and decision makers.

ICS Financial Systems (ICSFS) Islamic team, who are certified Islamic bankers (CIB) and certified Islamic specialists in accounting (CISA), attended the conference which was one of the largest attended events for AAOIFI in the recent times.

ICS Financial Systems (ICSFS) has been a supporting member of AAOIFI for almost 10 years, with its ICS BANKS® ISLAMIC software suite, which is a modular fully integrated solution designed and developed following the principles of Shari’ah in compliance with the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).

ICS BANKS® ISLAMIC consists of an Islamic core system, which provides all common operations between various banking activities, and a series of Islamic modules which cover the various different operational and business requirements of our specialised segments.

ICS BANKS® ISLAMIC can be offered as a complete stand-alone suite of Islamic Banking applications or as an Islamic Banking window, within the core system depending on the customer’s needs.

ICSFS invests in its software suites by utilising modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide.

ICS BANKS ISLAMIC software suites future-proof banking activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers journey experience, hence improving the trust and confidentiality between the customer and the bank.

ICS BANKS ISLAMIC has always been a pioneer in utilising the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system can be deployed on premises or in the cloud.

 

Continue Reading
Advertisement
Comments

E-Financial

Access Bank Partners Fintech to Modernise Banking Processes

Published

on

Spread the love

Mr. Herbert Wigwe, Group Managing Director, Access Bank Plc, has said that Access Bank has continued to innovate through the creation and adoption of modern banking tools and by leveraging on partnerships with FinTechs such as AFF to reinvent and modernise its banking processes,

He stated this at  the third edition of Africa Fintech Foundry (AFF) Disrupt Conference at the Landmark Event Centre, Victoria Island.

Themed ‘Digital Goldrush: Building a Sustainable Tech Economy’, the conference showcased the growing value of data as the future currency of the new tech economy through loads of interactive, fun and engaging sessions, world-class speakers and a phenomenal array of exhibitors who are industry and thought leaders in the technology space.

Wigwe recognised the improvement in global financial processes by advancements in technology and assured that the Bank is keeping up with the trends. “There was a time when payments could only be made through cheques, but with technology, transactions worth billions can be made in seconds. That is how much the world has changed.

A highlight of the conference was the demo pitch session which saw various innovators showcase their applications and new technology, explaining the solutions created to teeming participants. At the end of an intense session, Gricd, whose product, GRICD Frij is an affordable and portable cold chain device for efficient storage of vaccines, blood and other health/agricultural products won, earning a grant of $10,000.

In his keynote address, the Chief Executive Officer of Moven, United Kingdom, Brett King emphasized the importance of technology adoption to banking processes and also addressed the growing fear of robots replacing humans in the banking halls. He said that banking no longer depended on physical spaces, which has reduced the friction in banking processes and massively increased delivery.

“Technology is moving faster than ever before and in an environment with such rapid change, you either disrupt or get disrupted. Hence, if you are resistant to change as a banker in an evolving ecosystem like Nigeria’s, we need to start helping you look for a job outside banking,” he said. At the conference, speakers and panelists identified women as key proponents to ensure the growth and success of financial technology in Nigeria, urging them to be more collaborative and assertive in seeking to disrupt the Nigerian digital space.

Emphasising the point, the Chairman, Zinox Group Nigeria, Leo Stan Ekeh, during an interactive session with Access Bank’s Deputy Group Managing Director, Roosevelt Ogbonna said, “Women are the smartest money makers and disruptors. Investors are looking to invest in female entrepreneurs and techpreneurs working together. So it has become more imperative that women begin to take advantage of these opportunities and the collective power that they have”.

Continue Reading

E-Financial

Banks’ Customers Petition CIBN, Demand N334Bn, $420m from Banks

Published

on

Spread the love

Chartered Institute of Bankers of Nigeria (CIBN) has said that about 2,122 bank customers lodged complaints against their banks with the Sub–Committee on Ethics and Professionalism of the institute between 2001 and 2018.

 

The CIBN disclosed this in its 2018 annual report and accounts which it released on Saturday.

 

The committee was responsible for resolution of disputes relating to unethical practices between or among banks as well as between banks and their customers.

 

In the report, the customers demanded claims totalling N344.01bn and $420.06m in the period under review.

 

The institute said it resolved 1,993 cases and awarded N30.26bn and $18.41m to the petitioners in 2017.

 

In the report, it stated that 140 cases were outstanding as of the end of 2018.

 

Part of the CIBN report read, “Since inception in 2001, the sub-committee has received a total number of 2,122 petitions/cases with total claims of N344.01bn and $420.06m in local and foreign currencies respectively.

 

“1,993 cases were resolved which resulted to N30.26bn and N18.41m awarded/ refunded to petitioners/ customers by banks.”

 

The institute also said that as of the end of April 2019, it had received 129 new cases with claims amounting to N11.89bn.

 

It also said that in 2019, it had so far awarded N1.83bn in 138 pending cases.

 

The President, CIBN, Dr Uche Olowu, said the Nigerian banking industry witnessed several notable developments in the year under review.

 

“Most importantly was in the area of enhancement and advancement in fintech and digitisation,” he said.

 

He assured that the institute would continue to guard its financial resources while at the same time, ensuring that the implementation of its vision and goals for the institute were not hampered by financial constraints.

 

Seye Awojobi, registrar/chief executive, CIBN, said, the operations of the institute had been in consonance with responsible accounting and consequence management to ensure effectiveness and efficiency of its mandates.

 

He said that in the year under review, the thorough process had propelled the staff members to be more resourceful and focus- driven to achieve their set targets.

 

“Furthermore, it is noteworthy to inform you that the current Strategy Plan (approved in 2016) of the institute would run its full course by September 2019 and adequate process has been put in place by the Research, Strategy & Advocacy Committee towards the development of a new and robust strategy plan that would incorporate the expected actions and deliverables in tandem with dynamics of the business climate.”

 

Continue Reading

E-Financial

Nigeria’s Economic Growth Cools in Q1, Pound Rattled by Political Risk

Published

on

Spread the love

By Lukman Otunuga, FXTM Research Analyst,

Growth in the largest economy in Africa slowed to 2.01% during the first quarter of 2019, thanks to external risks and contraction in the Oil sector.

Although the non-Oil sector grew by 2.47%, the Oil sector, which remains the country’s biggest foreign exchange earner, shrank by 2.40%. While Nigeria remains on a quest to break away from the chains of Oil reliance, the nation remains exposed to external shocks and this was reflected in the latest GDP figures. Will the deceleration in growth momentum pressure the Central Bank of Nigeria to cut interest rates in an effort to jumpstart the economy? This is a question on the minds of many investors.

Sterling struggles to nurse wounds as political risk continues to bite

The return of domestic political turmoil in the United Kingdom has led to a flurry of selling momentum for the British Pound, which fell over 300 pips during the previous trading week.

The selling momentum  returned once again in the early hours of Monday morning and the news flow circulating around UK Prime Minister Theresa May needing to state her leaving date, coupled with Labour leader Jeremy Corbyn stating that Brexit discussions have broken down makes it doubtful for buyers to be tempted back into the GBPUSD.

Taking a look at the technical picture, the GBPUSD remains firmly bearish on both the daily and weekly charts. There have been consistently lower lows and lower highs while the MACD has crossed to the downside. The solid weekly close below 1.2820 has opened the doors towards 1.2700 and 1.2620 in the near term.

 

image.png

Commodity spotlight – Gold

The past few days have certainly not been kind to Gold and this continues to be reflected in the bearish price action.

Signals over the direction of US-China trade talks have caused risk sentiment to swing back and forth, ultimately impacting the appetite for Gold. While Gold bulls are clearly losing the battle as prices trade towards $1274, the war still rages on.

The sentiment pendulum could easily swing in favour of bulls this week, if trade tensions intensify and concerns over slowing global growth accelerate the flight to safety. With Gold still supported by core themes in the form of a cautious Federal Reserve and speculation over a potential US rate cut in 2019, the precious metal remains shielded by downside shocks.

Looking at the technical picture, sustained weakness below $1280 is seen opening a path towards $1268 in the short-to-medium term.

 

image.png

Continue Reading

Trending

Copyright © 2017 Communication Week Media Limited.