Ithmaar Bank, a leading Bahrain-based Islamic retail bank, has selected SunGard's Ambit Risk & Performance Management solution to help it establish an enterprise-wide view of its risk.
Ambit will give Ithmaar Bank a more detailed and centralized view of risk and liquidity across its different business areas to help the bank make better informed decisions, maximize returns and deliver banking products and services to its clients.
Ithmaar Bank will use Ambit for multi-dimensional analysis of the balance sheet, liquidity risk management, funds transfer pricing, profitability analysis and market risk management. It will also help the bank perform capital computation and consolidation across credit, market and operational risks. Additionally, Ambit will provide analytics and reporting to help Ithmaar Bank capture operational risk issues, control internal sign-off and measure the economic impact of risks.
Mohammed A. Rahman Bucheerei, chief executive officer and member of the board at Ithmaar Bank, said, "SunGard's Ambit Risk & Performance Management will help us more efficiently manage our increasingly complex risk profile, as our business expands and stricter regulations come into force. Ambit will help us implement a best practice approach, helping us ensure that we are prudent in our decision-making, yet strategic for maximized returns. We selected SunGard because of the strength of the Ambit solutions, its deep industry expertise and the strong implementation and support infrastructure that SunGard has in place in the Middle East."
Wissam Khoury, managing director for the Middle East at SunGard Financial Systems, said, "In today's environment of continuing financial uncertainty, establishing a strategic risk management practice is critical in helping a bank to gain or sustain a competitive advantage. SunGard's Ambit Risk & Performance Management helps financial institutions like Ithmaar Bank establish an integrated approach to measure and manage a full spectrum of risk across the enterprise, helping them reduce costs, improve the quality of risk information, meet regulatory requirements, and allocate capital more efficiently."