ZamZam Bank gained its licence in October 2020

ZamZam Bank, Ethiopia’s first Islamic bank, has selected Oracle FS and its Flexcube core banking system.

The bank gained its full-fledged Islamic banking licence in October last year.

This followed an initiative from the Ethiopian government and central bank aiming to establish Islamic lenders.

Integration firm Profinch is handling the implementation of the Oracle system. It has worked with the vendor on previous African deployments, including Sudan’s Nile Bank.

FinTech Futures understands Flexcube won out in a competitive tender including ICSFS, ITS, and Path Solutions.

Oracle FS has won a pair of other Flexcube deals this year, in Rabobank Brazil and Somalian Islamic bank Bushra Business Bank (BB Bank).

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