UAE’s Leading Islamic Finance Institution Transforms its Loan Origination System with Newgen

Overview

The client is a leading Islamic finance firm in the UAE and it plays a crucial role in the nation’s financial space with a commitment to Sharia-compliant principles. It offers services like Islamic banking and Takaful and faced challenges in loan processing, including manual workflows, lack of a mobile portal, and prolonged approval times. Inefficient back-office operations, broken checks, and compliance issues adversely affected overall efficiency. Despite expansion goals, the existing system hindered the attainment of a competitive edge.

How Newgen Made a Difference?

Read the complete success story to gain detailed insights into how the client witnessed 20x increase in the number of applicants by leveraging Newgen’s Loan and Card Processing Solution. The solution helped streamline processes, enabling customers to initiate credit card usage within minutes of application.

Key Highlights

• 4x increase in daily applications (from 20 to 80)
• 4x increase in application conversion rate
• Cases disbursed in approximately 30 minutes