Banking software firm System Access is providing Pakistan-based First Dawood Islamic Bank with its ‘Symbols’ product to deliver a banking system compliant with Shariah principles and Islamic religious law.
System Access already provides Islamic financial products as windows offerings in its ‘Symbols’ banking suite at several banks in Pakistan and Middle East. First Dawood Islamic Bank will be the company’s first full fledge Islamic bank.
With more than 20 branches and banking outlets planned in the next 3-5 years, FDIBL intends to broaden the current products and service offered in Pakistan.
According to System Access, total Islamic banking assets almost tripled to 54 billion rupees in the fiscal year ended June 30 from 18.8 billion rupees a year earlier.
Symbols adopts Islamic banking practices and Shariah compliance through its composition through decomposition approach. SA says that through this process, FDIBL stands to benefit from the product’s flexibility and scalability to achieve strategic growth.
The company has a proven implementation methodology, good reputation, and broad experience in Pakistan for timely and successful delivery. Most important, System Access is committed to this country and has built its offices and resources right here in Karachi, says Mr Rafiq Dawood, chairman of First Dawood Islamic Bank.