Newly-licensed bank deploys comprehensive Shariah-compliant banking solution

Strategic Technology Partnership

Summit Bank, which recently obtained its Nigerian banking license, has chosen ICS Financial Systems (ICSFS) to establish the technological infrastructure for its Islamic banking operations in Nigeria. This partnership represents the bank’s first major technology alliance since receiving authorization from the Central Bank of Nigeria to offer public-facing non-interest banking services, effective February 5, 2025.

Comprehensive Islamic Banking Solution

The collaboration involves implementing the ICS Banks Islamic Banking solution, which provides an extensive range of non-interest financing products designed to meet Shariah requirements. This same technology platform was previously adopted by Iraq’s Al Sanam Islamic Bank in 2022, demonstrating its proven track record in the Islamic banking sector.

Digital Banking Infrastructure

Summit Bank has also selected the ICS Banks Digital Banking solution to support its products across multiple digital channels. The digital infrastructure includes SMS Banking Notifications, ICS Banks Smart Mobile/Tablet Banking applications, ICS Banks Internet Banking platform, and the comprehensive ICS Banks ERP suite.

Advanced Banking Modules

The bank’s technology stack incorporates several sophisticated banking modules including ICS Banks Credit Facilities and Risk Groups, management information system (MIS), remittance services, trade finance capabilities, Islamic treasury functions, IFRS9 Expected Credit Loss (ECL) calculations, risk rating systems, and credit scoring modules.

Sharia-Compliant Product Portfolio

Summit Bank’s inaugural product lineup features various Sharia-compliant financial services designed to serve diverse customer segments. The offerings include Qard al-Hasan (interest-free loans), Mudarabah (profit-sharing arrangements), Murabaha (cost-plus financing), and Ijara (leasing) products, targeting retail customers, corporate clients, and small and medium enterprises (SMEs).

Market Entry Strategy

The comprehensive technology deployment positions Summit Bank to enter Nigeria’s Islamic banking market with a full suite of digital and traditional banking services, leveraging proven technology solutions to deliver Sharia-compliant financial products to the Nigerian market.

Original Article:

Fintech Futures. (2025, July 16). Summit Bank taps ICSFS for Islamic banking tech. Fintech Futures. https://www.fintechfutures.com/core-banking-technology/summit-bank-taps-icsfs-for-islamic-banking-tech