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

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

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

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