Oman First Islamic Finance & Banking Conference is to take place on the heels of the interest sparking u-turn in the Sultanate’s banking policies embodied in a decree authorizing the establishment of new Islamic banks, and offers first hand insight into the latest trends and dynamic changes in the Sultanate’s financial sector.
was until recently the only Gulf state that did not constitute of banks
offering Islamic products and services. However, the Central Bank of Oman, in
May 2011 announced it would allow conventional lenders to run sharia- compliant
operations in a bid to keep investment funds within the country.
Islamic banking, comprises of banking operations that exclude the use of the
interest rate “interest free banking” amongst other aspects, and is one of the
fastest growing segments of the international financial system, with an annual
growth rate exceeding 20 percent over the past decade. Islamic assets stood at
USD 1 trillion in 2010 and are expected to reach USD1.6 trillion in 2012.
Mr. Haitham Abdou, ITS Group Director of Marketing, discussed the application
of the technology for the Islamic financial Institutions through ETHIX
financial solutions. ITS has also demonstrated successfully the company’s range
of software solutions specifically catering to the ETHIX financial solutions.
ETHIX financial solutions are web services based solutions that offer services
and functions of Islamic finance, Islamic investment, core banking, delivery channels,
trade finance and other banking services, which in turn enhances the bank’s
ETHIX financial solutions allow financial organizations to reduce the
operational cost, reduce the operational risk and meets growing strategy by
gaining and retaining customers.
COVID-19 has seen the banking and financial services industry witness unprecedented challenges and transformation as banks and financial institutions implement rapid adaptation measures and place a stronger focus on digital presence as more customers go online to conduct their banking and financial services during the pandemic. The pandemic has accelerated the digital transformation that was happening in the retail banking and financial sectors pre-COVID-19. Banks and financial institutions are fast leveraging disruptive technologies, not just to deliver exceptional banking and financial experiences but also to operate more effectively and efficiently.
Smarter Banking ApplicationsYour online bank account should suit today’s connected lifestyle, and that means a strong mobile app with a wide range of features for on the go banking. In addition to basic features such as viewing account balance and conducting online bill payments, your mobile banking app should allow mobile check deposits, by simply snapping a photo of the check with your phone– yes this has become mainstream now – as well as a host of other great new features, that can really take your online banking experience to a whole new level. Here are a few to look out for when choosing your new online bank:Voice-Activated Virtual AssistantsSome banks are now using artificial intelligence for virtual customer service 24 / 7. Instead of customers having to call a customer service center, these virtual assistants provide immediate help for various banking tasks whenever customers need it, night or day. Although chatbot functionality is limited, it’s great for quick answers to routine inquiries or limited interactions and banks are continuing to develop more sophisticated AI-powered options for enhancing customer service and helping customers manage their accounts.
ITS: Strategic Partner for Digital TransformationITS flagship solution, ETHIX, remains an integral part of KFH's strategic plans to gain a higher market share and provide better services to their customers. The Bank has leveraged ITS technological solutions to support their digitalization journey since 2009 and continues to upgrade its IT infrastructure in line with a digital strategy that focuses on digital transformation process and technology-based growth.
We are finding solutions to tomorrow’s challenges because the NEXT GENERATION OF PAYMENT TECHNOLOGYis here, and it is now!