The contract between Maurisbank and SAB was signed in Nouakchott recently by Mr. Ahmed Ould Megaya, President and principal shareholder of Maurisbank, and by Mr. Henri Assaf, the General Manager of SAB Group, in the presence of Mr. Mohamed Limame, General Manager of SAB Tunisia.

The SAB Islamic Banking Solution is a fully-fledged solution, built from scratch to address the full range of Islamic finance requirements, and to handle the sources and uses of funds to cover Islamic retail financing, Islamic corporate financing, Islamic treasury, restricted & unrestricted investment accounts, and the related pools profit calculation. SAB Islamic Banking Solution complies with Basel 2, FATCA, SEPA, ISO17799, IAS, AAOIFI, IFSB, IFRS, Sarbanes-Oxley, AML, CAAML/KYC, and, from a technological viewpoint, ISO 8583 & SOA. SAB solution will cover all Maurisbank activities from the front office to the back office and includes SAB's unique customer relationship management portal.

Mr. Ahmed Ould Megaya explains the reason behind the choice of SAB: "We have selected SAB because we want to distinguish our bank at all levels. In addition to being Sharia compliant, SAB Islamic banking solution offers innovative modules such as the Customer Relationship Management Portal, which will be used by our relationship officers to efficiently service client requirements. We have also appreciated SAB's team of experts in Islamic Finance who will assist us in setting up our products and processes. Finally, the SAB SaaS service will allow us to go live very quickly."

The SAB Islamic Banking Solution will be utilized by Maurisbank as SaaS (Software as a Service) provided by SAB Services. The cloud-based service will not only eliminate the need for Maurisbank to setup and maintain a secure data center, but will also allow the bank to easily add system modules as its operations and its products & services expand. Mr. Henri Assaf adds: "With the signing of the contract in Nou Nouakchott betwentract in Nou Nouakchott between Maurisbank and SAB, we have become part of the Mr. Megaya's and Mauribank's grand vision of offering the best-quality Islamic banking services to discerning private and corporate clients throughout the countries of the region. We are very pleased to be part of this vision and are committed to helping make it a success."

SAB will deploy its ready-to-use reference bank, SABReady. This global Islamic Banking solution will then be configured to meet the specific requirements of Maurisbank, fulfilling the bank's need for an extremely rapid implementation.