Infosys bags Saudi bank contract

India's Infosys has won its first contract from a Saudi Bank for its Islamic banking solution.

Merwin Fernandes, vice president and business head for the solution, Finacle, said talks with at least three Gulf Banks for its core banking solutions were at an advanced stage.

"Saudi Arabia's Arab National Bank is our first customer for the Islamic banking solution that is currently under development. We are seeing a favourable response from several banks in the Gulf and Middle East and expect more customers," Fernandes told Gulf News.

The full-fledged Islamic Banking solution is part of the Finacle core banking solution which will be ready in early 2008.

Infosys has an ongoing contract with Egypt's Bank of Alexandria that has some 200 branches. It also has a support centre in Egypt and another in Saudi Arabia.

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