Turnkey Systems Group sees opportunities in growth of Islamic finance in Saudi Arabia

This comes at a time when the Saudi Arabian Monetary Agency (SAMA) stated that it believes that more funds will migrate into the Islamic banking system, and such growth is set to prompt banking and finance institutions to integrate into the global banking system.

Globally, banks and financial institutions have been developing Shariah-compliant products and services to soak up this increased demand, and the Kingdom of Saudi Arabia will lead the way in setting standards and regulations for this growing industry.

"Developing Shariah-compliant platforms will require major adjustments to the current information technology infrastructure and systems to be able to truly be compliant with Shariah doctrines. The expertise we have accumulated over many years through our office in Saudi Arabia and other leading Islamic knowledge centers has enables us to develop a range of award-winning Shariah-compliant solutions to help in addressing these opportunities while seamlessly integrating with the global banking system,"

said Khalid Faraj Al-Said, Managing Director and General Manager, ITS.

At the Islamic Finance Forum Awards, which ran alongside the International Islamic Finance Forum (IIFF), a prestigious global gathering of the world's top Islamic finance experts, decision-makers, and thinkers, ITS was chosen as the Best IT Solutions Provider on account of its cutting edge technologies and innovative solutions that enjoy wide preference among Islamic banks and financial institutions.

"This award is a further recognition of our passion for, belief in, and commitment to developing superior IT solutions that enable regional and global entities to deliver ethical financial services across a variety of platforms, including ethical (retail and corporate) finance, ethical investments, ethical delivery channels and other technical services," added Al-Said.

ITS is a highly regarded IT solutions provider in the banking and finance sector, providing world-class and state-of-the-art, end-to-end information technology solutions and services to local as well as regional and international banks and financial institutions. In addition, ITS is the preferred IT partner of a number of regional and international brands in the telecommunications and higher education industries.