ITS Plays a Pivotal Role in the Formation of the Promising Islamic Finance Landscape in Egypt. The underdeveloped Islamic Finance sector in Egypt is becoming increasingly promising, especially after the Arab spring and the rise of a new political leadership in power. Recent financial reports issued by industry analysts confirm that Islamic finance assets contribute to around 8.6% of Egypt’s US$193 billion banking industry.
As a Global pioneer in the arena of Islamic finance worldwide and as one of the industry leaders in the Middle East, ITS was keen to take part as a Technology Partner in the first conference held by the Egyptian Islamic Finance Association discussing the Islamic Finance Development Prospects in Egypt.
With 30 years of experience in the Islamic finance industry, ITS Group was a major contributor to the discussions held about the challenges facing the Islamic Finance industry, the role of innovation in synthesizing new products to meet the needs of the modern Muslim community, and the expansion of the industry within a legal framework that could attract investors and limit risks.
ITS also shared its vision and solutions in regards to several important issues currently discussed in Egypt’s financial sphere including the role of Islamic finance in developing the country, the possible methods for offering Shariaa-compliant finances to small and medium enterprises (SMEs), the alternative methods for financing the operational capital, Islamic securities instruments such as Sukuk and Islamic investment funds and the community funding instruments such as Zakat, Waqf and Takaful.
Moreover, ITS shed the light on ETHIX; its comprehensive Shariaa-compliant solution that offers multi-channeled corporate and retail products and services in the areas of Islamic finance and investment including core banking, trade finance, branch automation, online banking, dashboards and reports in addition to other products and services that represent an answer to the challenges encountered by the financial institutions in Egypt and can only serve to enhance their competitive edge.
The Egyptian Islamic Finance Association aims at providing support, contribution and solutions related to the challenges, and prospects of Islamic Finance industry in Egypt. For more information about the association, please refer to http://www.eifa.co/.