Saudi’s 1st neo-financial firm LFC picks ICSFS solution as its digital partner

By Arya M Nair, Official Reporter
  • Follow author on
Digital Banking
Representational image

Loan Financing Company (LFC), a newly-established first neo-Financial Institution in Saudi Arabia, has selected ICS BANKS Digital Platform, a worldwide digital Sharia compliant software solution, from Jordan-based ICS Financial Systems (ICSFS), the global software and services provider for banks and financial institutions.

The LFC has received a no-objection letter from the Saudi Central Bank (SAMA), which regulates and oversees the operations of banks and financial institutions across the country. The company further acquired a provisional approval from SAMA to incorporate a consumer microfinance company, delivering financing solutions compliant with the Islamic Sharia.

The signing ceremony took place end of May of this year at the ICSFS Center of Excellence in Jordan and was headed by LFC’s Board Members and ICSFS’ Managing Directors.

Robert Hazboun
Robert Hazboun
Group MD – ICSFS

“Despite the growing competition with endless disruptive innovation, ICSFS has had the foresight to capitalize on digital banking and services, providing a cloud platform that caters to each customer’s individual and bespoke needs, from digital-only Islamic institutions and micro-finance to hybrid and cloud solutions. We are honored to have been chosen by LFC, and we look forward to providing them with our bespoke microfinancing product and services.”

LFC Chairman, Mr. Abdulrahman Al-Hudaif said that “As one of the first neo-financial institutions in the Kingdom of Saudi Arabia, it is our obligation to bring to the country the best-in-class microfinance products and services in the industry. After much research and studies, we have opted for the most trusted, innovative, and strategic tech-savvy partner. With ICSFS’ end-to-end digital and open platform capabilities, we believe we will excel in providing a seamless and secured customer journey, and drive the Saudi microfinance industry into innovation excellency.”

ICSFS invests in its software suites by utilizing modern technology in launching new products, constructing a secured and agile integration, and keeping pace with new standards and regulations worldwide. ICS BANKS software suite future-proof banking and financing activities by providing a broad range of features and capabilities with more agility and flexibility, to enrich customers’ journey experience, hence improving the trust and confidentiality with the customer.

Related: Oman’s Al-Hashar Travel picks Amadeus technology to improve customer offering