Faisal Islamic Bank earmarks 70 mln Egyptian pounds for tech upgrade

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Egypt’s Faisal Islamic Bank said Sunday it had completed upgrading its information technology infrastructure and systems during April.

Accounting firm Ernst & Young has conducted the studies on modernising Faisal Islamic Bank’s technology infrastructure; while ITS had performed the upgrade process for the bank, said Raafat Mokbel – the Egyptian bank’s Executive Chairman Assistant – on Sunday.

The bank has spent around 70 million Egyptian pounds ($4 million) on reforming its information technology systems, Mokbel further told Amwal Al Ghad.

The information technology infrastructure upgrade is expected to help Faisal Bank reinforce its volume of businesses in the local market, he added.

The technology upgrade process has included banking security system to safeguard clients’ accounts against hacks, Mokbel said.