Its Upgrades Kfh to Latest Ethix Finance

ITS UPGRADES KFH TO LATEST ETHIX FINANCE

About KFH growth opportunities, enhance their response to Established in 1977 as the first Islamic bank in the market needs and to increase the Bank’s market State of Kuwait, Kuwait Finance House (KFH) is one share. As the Bank’s Digital transformation partner, of the world’s foremost Islamic financial institutions. ITS previously replaced KFH’s existing obsolete A publically listed company on the Kuwait Stock banking system with ETHIX Core Banking, which Exchange (KSE), KFH provides a wide range of allowed it to oer integrated state-of-the-art Shari’a compliant banking products and services Shari’a compliant financial services by integrating and has a network of subsidiaries spanning the the branch automation system, trade finance, Kingdom of Bahrain, Kingdom of Saudi Arabia, Islamic finance, internet banking, in addition to United Arab Emirates, Turkey, Malaysia, and services related to human resources and treasury. Germany. The KFH Group includes 504 branches, Subsequently, in an eort to deliver next-generation 1,263 ATMs and around 15,000 employees. banking, KFH also chose ITS to upgrade its Core Banking System with the ETHIX Net modules. ITS: Strategic Partner for Digital Transformation ITS flagship solution, ETHIX, remains an integral part The Project: ETHIX Finance Upgrade of KFH’s strategic plans to gain a higher market share The newest upgrade to the system included the and provide better services to their customers. The latest release of ETHIX Finance and the Bank has leveraged ITS technological solutions to development of a completely new module, support their digitalization journey since 2009 and ETHIX Collateral. KFH required the upgrade to the continues to upgrade its IT infrastructure in line with a latest version of ETHIX Finance in order to be able digital strategy that focuses on digital transformation to gain the latest business and technical features process and technology-based growth. ETHIX provided in the release. solutions are supporting KFH to seek better While the execution of the implementation was Module has transformed the daily work flow at KFH, fairly smooth a number of challenges had to be from being handled on discrete sheets and scattered overcome. In particular, rapidly growing customer information into a robust workflow-based customer requirements saw ITS bring development resources collateral management system. The Collateral module on site. These onsite resources coordinated with oers rich capabilities and allows KFH to handle our Global Business Solutions (GBS) team in order customer collaterals business using the latest to more eciently handle the code changes on the state-of-the-art capabilities of ETHIX Finance and customer data and conditions. Other challenges replacing traditional ways by which the customer included those brought on by the COVID-19 manages collaterals and integrating these features with operating environment, where a special working other systems through ETHIX Core. routine was established including o-site access facilities to enable the necessary social distancing ETHIX: The Trusted Solution and curfew governmental restrictions. In addition, ETHIX by ITS is a modular banking system the project incurred an on-hold period in order to covering branch, international and back-oce troubleshoot financial loss associated with client activities. It includes Retail, Wholesale, Corporate, stakeholder absence and the resultant loss of Trade Finance, and other functions. It runs in more required project elements. As a result of the than 70 international banks in the Middle East, extended-on hold period a new security North African, and East Asian regions, as well as the assessment was initiated which revealed that Caribbean. ETHIX is an open system that consists increased security standards during the period had of multiple modules; Core Module, Central come into eect. Aligned with ensuring full security Module, Branch Module, and International compliance, a workshop comprised of KFH and ITS Module. It is known for being secure, flexible, Implementation and Development held in order to parameterized, multilingual, multi-branch, Real on address any security issues and to ensure full line support for branches, and modules can be alignment with KFH standard accepted security installed on a standalone mode. levels.

The Result: Agility and E ciency Notwithstanding the challenges, the Upgrade, which went live in September 2020, has provided numerous benefits to KFH. The ETHIX Finance Module, which is designed specifically to meet the needs of the fast paced growth and innovation in the Islamic Banking and Finance industry is fully flexible, easy to use, adaptable, and user configurable, supporting the Bank’s goal to innovate and create new products and services to meet customers’ changing needs and to market these in record-breaking time.The new ETHIX Collateral

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Great achievement and excellent team work.

Thank you ITS indeed for your partnership and support and we look forward in working with you in future projects.

Srood Sherif Group CIO, Kuwait Finance House (KFH)

It’s my pleasure to announce that we have achieved a major milestone with our partner ITS in building , implementing and integrating a robust collateral module within our IBS ethix system. The system had furnished us with a wide range of beneﬁts and tools that had enabled us to serve our customers and regulators eciently without any compromise to our controls and data integrity.

Mohammed Masoud Deputy General Manager Financing Operations, Kuwait Finance House (KFH)