Summit secured a licence to operate a non-interest bank in Nigeria in February.
Newly-licensed Summit Bank has selected ICS Financial Systems (ICSFS) to lay the technology foundations for its Islamic banking operations in Nigeria.
The partnership includes the deployment of the ICS Banks Islamic Banking solution, which the vendor says delivers “a broad range of non-interest financing products”, in line with Shariah requirements. The same solution was previously selected by Iraq’s Al Sanam Islamic Bank in 2022.
Summit has also opted for the ICS Banks Digital Banking solution, which will be used to support these products across several digital touchpoints, comprising the SMS Banking Notifications system, ICS Banks Smart Mobile/Tablet Banking, ICS Banks Internet Banking, and the ICS Banks ERP suite.
The ICS Banks Credit Facilities and Risk Groups, management information system (MIS), remittance, trade finance, Islamic treasury, IFRS9 ECL, risk rating and credit scoring modules have also been adopted.
This is Summit’s first major technology partnership since securing a licence with the Central Bank of Nigeria to provide public-facing non-interest banking services, effective 5 February 2025.
Its debut product suite features Shariah-compliant services including Qard al-Hasan (interest-free loans), Mudarabah (profit-sharing arrangements), Murabaha (cost-plus financing) and Ijara (leasing), serving retail customers, corporate clients, and small and medium enterprises (SMEs).
Source: https://www.fintechfutures.com/
