February 21, 2007
Dubai Islamic Bank selects FinnOneTM CAS of Nucleus Software
Nucleus Software Exports has said that Dubai Islamic Bank, the world`s first fully-fledged Islamic bank, has selected the company`s flagship product FinnOne CAS and it will be implemented across 40 branches of the bank by end of this fiscal.
The FinnOne` CAS will allow for anytime, anywhere access, ensuring ease in operation and instant information availability to the financial institution. This win marks the company`s foray into the Islamic banking industry.
Moreover, the company 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 to 300 institutions responsible for assets estimated at more than USD 400 billion. With the company, bank will gain the advantage of enhancing its operations, resulting in easy inter-operability across branches and developing efficient workflow systems in its consumer financing business.
Shares of the company were trading higher by Rs 62.70, or 6.64%, at Rs 1,006.30. Total volume of shares traded at the BSE was 22,190. (12.38 p.m, Wednesday).