February 21, 2007
Dubai Islamic bank Deploys New Software for Retail
Nucleus Software, a leading global provider of next generation software products for banking and financial sector announced today that Dubai Islamic Bank, world’s first fully-fledged Islamic bank has selected Nucleus’ flagship product FinnOneTM CAS to be implemented across 40 branches of the bank by end of 2007.
The FinnOne™ CAS will allow for anytime, anywhere access, ensuring ease in operation and instant information availability to the financial institution. This win marks Nucleus Software’s foray into the Islamic Banking industry.
Nucleus has successfully consolidated its position, as a technology leader in the Japanese, Middle East, Africa and South East Asian markets and with the latest initiative will now prove its mettle in the UAE. Islamic banking is one of the world’s fastest-growing economic sectors, comprising close on 300 institutions responsible for assets estimated at more than $400 billion. With Nucleus Software solution, bank will gain the advantage of enhancing its operations, resulting in easy interoperability across branches and developing efficient workflow systems in its Consumer Financing business.
“We are delighted to strengthen our relationship with Dubai Islamic Bank and are confident that we will enable the bank to establish new milestones in the UAE banking industry” comments Vishnu R. Dusad, CEO & MD, Nucleus Software Exports Limited, “It’s because of our sharp focus on unique markets and deep domain expertise that we have attained a leadership position in Middle East. We look forward to continuing our relationship with the bank and supporting them with our technology to maintain and consolidate their growth.”
Nucleus with its flagship product FinnOneTM today has over 134 clients across the globe. It is a fast - growing player with a leadership position in regions spanning APAC, Europe, Middle East, Africa, and America. Nucleus, today, commands leadership position in the domestic retail banking space with clients base comprising most leading banks in India.