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Foreign News
@ Halal | March-April . 2021
Bushra Business Bank , Profinch Solutions to provide digital banking services in Somalia
Emirates Islamic launches
‘ businessONLINE ’ Expands exclusive services to SMEs by launching new Business Banking centres
PROfinch Solutions was selected as a strategic partner by Bushra Business Bank , a leading commercial bank offering Conventional and Islamic banking services in Somalia with Sharia guidelines and banking regulations for licensing and implementing Oracle Financial Services Suite of products and hardware services .
Bushra Business Bank was keen on embarking on a technology transformation journey focusing on meeting the demands of its growing customer base . With a vision to provide world-class financial services , the bank realised the need to make strategic technology investments to accelerate the bank ’ s growth and further strengthen its position in the market .
Speaking of the collaboration , Amrit Biswas , Head of Business – MEACIS , Profinch told IBS intelligence : “ It ’ s a pleasure to have Profinch associated with the likes of Bushra Business Bank . Bushra has quickly emerged to be a leading bank in the Somali landscape , and that is a good backdrop for us to work . We are looking forward to a long-lasting relationship with the bank and are confident of delivering their immediate and long-term strategic technology objectives .”
The discussions commenced with exploring Core and Digital initiatives with Oracle , in which Profinch led the conversations . The bank evaluated multiple Core Banking products from competing vendors and decided to onboard Profinch Solutions as its strategic partner .
Under the partnership , Profinch Solutions will assist the bank in the licensing and implementation services of Oracle FLEXCUBE Universal Banking , Oracle Banking Digital Experience ( OBDX ), Oracle Technology Software , Oracle Cloud Infrastructure ( OCI ). The firm will also manage hardware provisioning , commissioning , installation & implementation services .
“ We are excited about this strategic collaboration . Profinch comes with a proven experience of seamless and efficient implementations on stringent deadlines , with global and greenfield banks alike . Profinch ’ s success in the African territories is a testimony in itself , and we are looking forward to a long-lasting symbiotic association with them ,” said Suleiman Dualeh , CEO , Bushra Business Bank .
Profinch is a technology company offering solutions that enable financial institutions to transform how they work and be future-ready . The solutions include Consulting services to advance core operations and processes and off-theshelf products for 360-degree digitisation and data transformation . With offices in India , UAE , and Singapore , it serves over 95 financial institutions across 40 + countries .
One of the leading Islamic financial institutions in the UAE has expanded its Business Banking centre network to support small and medium enterprises ( SMEs ) by launching two new facilities in the heart of Dubai , on Sheikh Zayed Road in Al Twar .
Emirates Islamic ’ s new Business Banking centres feature deluxe meeting rooms that will enable SME clients to meet privately with their committed Relationship Managers , providing dedicated and personalised services to accommodate customers ’ specific needs .
The centres also offer a service proposition that includes Shari ’ a compliant working capital solutions , products , trade finance , Emirates Islamic Business credit and debit cards and access to online banking via the newly launched “ businessONLINE ” platform .
Wasim Saifi , Deputy CEO - Consumer Banking and Wealth Management , Emirates Islamic , said : “ We are pleased to announce the opening of our new Business Banking centres on Sheikh Zayed Road and in Al Twar .
“ As a leading Islamic financial institution and as part of our efforts to contribute towards the growing entrepreneurial ecosystem in the UAE , Emirates Islamic is committed to supporting SMEs and providing them exclusive access to the best in banking solutions , supported by superior customer service .
“ The inauguration of our new Business Banking centres reflects our commitment to ensuring that Emirates Islamic remains the SME bank of choice for UAE nationals and residents .”
Ghazanfar Naqvi , Head of Business Bank-
Millennial Muslim travellers increasingly want to be able to access more immersive experiences and go off the beaten track .”
ing at Emirates Islamic , said : “ Supporting the SME sector is a top priority for Emirates Islamic , and we will continue to expand the footprint of Islamic Business Banking in the UAE and provide innovative solutions to support the growing business needs of SMEs .
“ Following our recently launched Digital Banking Package , the opening of the Sheikh Zayed and Al Twar centres will further enhance our ability to strengthen our relationship with our SME clients in the country .”
The inauguration of the new centre brings the number of Emirates Islamic Business Banking centres to seven in the UAE .
The new Business Banking centres build on Emirates Islamic ’ s ongoing commitment towards supporting the growth of UAE ’ s SME sector , which represents more than 94 per cent of the total number of companies operating in the UAE and employs over 86 per cent of the private sector workforce , according to the Ministry of Economy .
Muslim travellers could drive the development of responsible post-pandemic tourism industry , said a UK-based entrepreneur who is on a mission to make that happen while also providing unforgettable experiences .
“ Millennial Muslim travellers increasingly want to be able to access more immersive experiences and go off the beaten track ,” Soumaya Hamdi , managing director and founder of the Halal Travel Guide , told Arab News .
“ They want to do this by connecting with local communities and learning more about their customs and cultures .”
Hamdi ’ s company started by offering information for Muslim travellers but quickly moved into running its tours that combine locally run visits to authentic Islamic heritage sites with adventurous activities and unique experiences .
Supporting the SME sector is a top priority for Emirates Islamic , and we will continue to expand the footprint of Islamic Business Banking in the UAE and provide innovative solutions to support the growing business needs of SMEs .“
Redefining travel for millennial Muslims
“ We ’ re doing something that benefits both the travellers and the local communities they visit . For many of these travellers , these kinds of trips can be transformative ,” she said .
“ You learn so much about yourself by learning about how other people live . This is what millennials , Gen-Zs and those that come after will want .”
Before the pandemic , she explained , halal travel was the fastest-growing market in the global travel economy , with an estimated value of nearly $ 200 billion .
“ It has huge economic potential , but it ’ s also more than that . Because Muslims tend to have a values-based approach to the products and services they use , the halal travel industry provides an opportunity to enable the development of responsible tourism industry in the wake of the pandemic ,” she said .