NEW CONTRACTS

Economy Bank – Baghdad selected ICBS in November 2008. The actual launching of the project was delayed because of several local factors. The agreement has been signed on March 2010 and the project has now been launched with a projected going live during the 1st quarter 2011. Economy Bank has acquired ICBS Core, Central Modules, Branch modules , Inward/Outward transfers, Letters of Guarantee, Swift and ATM Interfaces and Central Bank third parties solutions interfaces as well as Administrative modules (Payroll, Fixed Assets, Purchase orders and Stock control).

From left to right: Mr. Ali Abdullah (IT Manager - Economy Bank), Mr. Raji Challita (Software Manager - BML Istisharat), Mr. Samim Ubaid (Board Member - Economy Bank) and Mr. Joe Faddoul (C.E.O. - BML Istisharat)

International Smart Card (ISC) – Baghdad is a credit card issuer with 1.2 million card holders to date and a projected 3 million cardholders within 18 months. Salaries of public sector employees (Civil servants and Government owned institutions) are paid through ISC credit cards. Shareholders of ISC include the two most important banks in Iraq: Al Rashid and Al Rafidain, in addition to private investors. ISC acquired ICBS Core, Loans, Utility bills payments and corporate salaries, Interface with third parties systems. In addition to ICBS licensing, ISC outsourced to us the hosting and facilities management of the IT platform.

Middle East & Africa Bank (MEAB) – Beirut, an ICBS user on AS 400 platform since more than 7 years, reconfirmed its ICBS selection after a competitive bid. The latest ICBS version web enabled on Oracle will replace the older version. All ICBS modules will be deployed. Going live is projected on December 2010.