Sakana Implements i-flex Solutions' FLEXCUBE for Islamic Banking to enhance customer service

i-flex Solutions Ltd on July 03, 2007 has announced that Sakana Holistic Housing Solutions BSC®, an Islamic financial institution based in Bahrain has completed implementation of FLEXCUBE® for Islamic Banking, for its mortgage financing operations. Sakana is the fifth financial institution in the Middle East to use the universal IT banking solution for Islamic financing.

FLEXCUBE for Islamic Banking provides a back-office processing environment for Islamic financial products. It supports all transaction and investment processes including calculations and payments, deployment and tracking of funds, and asset valuations. Ultimately, the customer benefits as it helps financial institutions to cut processing costs, respond faster to market needs, improve service levels and considerably reduce risk.

Sakana selected FLEXCUBE because of its comprehensive functionality and contemporary technology offering flexibility and ability to scale for Islamic financing operations as Sakana continues its rapid growth. FLEXCUBE can support complete lifecycle processing of a wide range of transactions and is compliant with Islamic financing principles.

Mr. Joseph John, Executive Vice-President, Universal Banking Products of the Company said: "i-flex views the lending opportunity, in particular the Islamic mortgage finance market, with great seriousness. As an emerging and rapidly expanding company, Sakana is a prestigious win for us in the region. We are confident that the recently completed FLEXCUBE implementation will provide Sakana with the edge to maintain its existing market lead by staying ahead of the competition."

Formed as a partnership between BBK and Shamil Bank, two of Bahrain's leading financial institutions, Sakana provides solutions to the real estate and housing sectors in Bahrain by offering mortgage finance, property development, brokerage and management, as well as project financing.

Source : Equity Bulls

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