Aafaq Islamic Finance and Infosys Finacle announced the go-live of the Finacle Core, Islamic Banking and Payments solutions to power its operations.

The transformation journey, which has helped aafaq achieve extensive efficiencies from large scale optimisation and automation of processes, won the ‘Best Islamic Banking Implementation’ award for 2019 at the Islamic Finance & Banking Awards held at Dubai in October.

Saif Ali Mohamed Munakhas Alshehhi, Managing Director and CEO, aafaq Islamic Finance, said, “Transitioning to an automated, high end digital platform has been a massive, yet easy feat for aafaq. We are proud and thrilled to have been awarded the ‘Best Islamic Banking Implementation Award’ for 2019 in recognition of this transformation. The Finacle Digital Banking Platform has helped us in operating at a significantly lower costs, manage risk and credit exposure better, and at the same time deliver superior customer service and returns. Building on this robust platform, we aim to strengthen our presence in the UAE market as a digital first, modern Islamic finance company.”

Venkataramana Gosavi, Senior Vice President and Global Head of Sales, Infosys Finacle, said, “We are delighted that the transformation program at aafaq has been recognized as the best in the industry for 2019. This transformation’s success and the industry recognition is a testimony of Finacle’s ability to help Islamic financial institutions of any size and maturity to pursue an inside out, truly digital transformation. With the increasing influence of digital in customers’ everyday lives and evolving competitive landscape, it’s critical for Islamic financial institutions to proactively modernize their operations. With our industry leading solution suite and exemplary delivery track record, Finacle is well placed to help them achieve their transformational aspirations.”