albaraka banking group,
To Deploy Misys Equation Islamic Core Banking System
The Bahrain based leading Islamic Banking conglomerate the Albaraka Banking Group B.S.C. (ABG) today announced that it has finalized an Agreement with Misys on behalf of certain ABG Group members. According to this agreement ABG will be deploying Misys Equation Islamic core banking system.
The Chairman of the Board of Directors of ABG, Shaikh Saleh Abdulla Kamel said "We are very proud to see ABG advance steadily in achieving its development objectives which serve the communities in which it operates. We, with the grace of Allah, were successful in investing the proceeds of the initial public offering (IPO), which we launched last year, in expanding the business of all of our subsidiaries, and we are starting to reap the benefits of these prudent policies. We are confident that the coming period will show more clearly the results of the huge investments we made in our different units and operations including the implementation of the advanced technologies. We will also continue to cope with the new technology.
ABG B.S.C will install the state of the art core banking system, Misys Equation Islamic, which is an integrated, real-time, multi-currency banking system that helps organizations deliver competitive products and excellent service to customers. It supports consumer and corporate banking as well as treasury operations within a single platform.
The ABG B.S.C had evaluated several vendors, prior to selecting Misys Equation Islamic Core Banking as the backbone of its technology framework. Announcing the win, Guy Warren, EVP & General Manager, Misys Banking, adds, “ABG is one of the most innovative banks in the Middle East and Africa. It has clear expansion objectives in the region as well as plans to grow more internationally and we are delighted that we have been chosen to help it achieve them. We will continue to provide the best services and solutions available to the bank and will deliver our proven technology to support its geographic expansion and enhance its already strong market position. We are delighted to be able to help it achieve its goals and growth targets.”
From his side, Mr. Adnan Yousif, President & Chief Executive of ABG, commented: “This strategy relies heavily on the best IT solutions available. “Misys' credentials as a globally acclaimed solution provider, the rich functionality and advanced technology of Misys Equation Islamic Core Banking system, and an impeccable implementation track record convinced us that they were the right partners for ABG. We are proud to be the first Islamic bank in Bahrain to deploy Misys Equation Islamic and are confident that the solution will enable us to aggressively launch new products and innovative services, and deploy multiple delivery channels to meet our ambitious growth plans. We will also continue to coordinate the business strategies and increase co-operation and business between the units of the Group and expand our operations into new geographical regions.”
