The first neo-financial institution in KSA opts for ICS BANKS Digital Platform from ICSFS

The first neo-financial institution in KSA opts for ICS BANKS Digital Platform from ICSFS

Riyadh, KSA: The First Neo Financial Institution in KSA; Loan Financing Company (LFC), a newly-established microfinance company in the Kingdom of Saudi Arabia, has selected ICS BANKS Digital Platform, a worldwide digital Shari’a compliant software solution, from 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 LFC also received a preliminary approval from SAMA to incorporate a consumer microfinance company, delivering financing solutions compliant with the Islamic Shari'a. The company will provide innovative, end-to-end Shari’a-compliant lending products and services catering to customer needs through a mobile application hosted in the cloud and available exclusively online.

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.

Loan Financing Company Board Member, Dr. Sulaiman Ali Al-Hudaif commented: “We have taken a big step in establishing a Neo Microfinance Company that will be run by cutting-edge technology. I would like to seize this opportunity to show my gratification towards this new strategic