IFS will provide the traditional banks with service of converting their services and products to be sharia compliant, beside the Operations Services including collections, IPO Services, business start-up services, Investment Services, Contact Centre Operation, and Tele Sales beside the corporate governance and Corporate Social Responsibility, said Mawarid Finance.

Rehab Lootah has been appointed as the managing director of the new company beside her designation as the chief business development & sales at Mawarid Finance.

Mawarid Finance CEO Mohamed Ali Mosbeh Al Nueimi said IFS shall provide the Government Institutions and private companies with efficient database systems that help them manage their activities, provide training for their staff, it also provides a well-established call Centre services.

"IFS shall extend its activities to the other region markets," he added.