Choosing Oracle FLEXCUBE is also a first crucial step toward providing improved and enhanced services to commercial banks and other financial institutions in the UAE.
As a Regulator, UAE Central Bank's vision is to expand the adoption of effective electronic payment systems.
As a leading provider of banking applications to global financial institutions, Oracle will enable Central Bank of UAE to take advantage of Oracle FLEXCUBE's proven transaction-processing capabilities and process framework to help standardize operations and leverage industry best practices.
"By implementing Oracle FLEXCUBE, we hope to enable technology-driven transformation at our bank as a first step to strengthening the banking system in the country. After our due diligence, we came to the conclusion that Oracle FLEXCUBE can help us create the necessary transformation in a quick and efficient manner and prepare us for the opportunities and challenges of the future. The solution will also help us in several key areas such as payments, currency management and cost effective operations." Mr. Rashid Al Fandi, Executive Director, Banking Operations, Central Bank of UAE.
"We are proud to add Central Bank of UAE as an Oracle FLEXCUBE customer. This deployment will provide Central Bank of UAE with a cost effective and flexible platform for its operations and enhanced oversight." Mr. Mustafa Moonim, Vice President, Eastern Europe and Middle East, Oracle Financial Services Software.

Separately, Oracle today announced that Mashreq Bank, the largest private bank in the United Arab Emirates (UAE), has selected Oracle® FLEXCUBE solutions to improve operational efficiency.
· With branch presence in UAE, Egypt, Qatar, Bahrain, India, HK, UK and USA, Mashreq Bank specialises in Corporate, Islamic and Retail banking.
· Oracle FLEXCUBE Universal Banking, will help Mashreq Bank achieve a greater competitive advantage, increase efficiency, reduce costs, improve customer intimacy and overall business performance.
· The Oracle FLEXCUBE Islamic Banking implementation will also allow Mashreq Bank to rapidly capitalise on the growth avenues in the Islamic financial market.
· With Oracle FLEXCUBE Universal Banking, the Bank can automate its daily transactions, provide more efficient banking services across its channels.
· Using Oracle FLEXCUBE solutions will help enable Mashreq Bank to continue to be recognised as the leading private bank in the UAE, and further support its goal of being the Best Bank in the UAE, as recognised by Euromoney's 2008 Awards. · Mashreq Bank is an existing user of Oracle FLEXCUBE Investor Services application deployed for its Fund Distribution business across its branches in the UAE since 2001.


· Mr. Somnath Menon, Group Head, Technology and Operations, Mashreq Bank says: "The Oracle FLEXCUBE product portfolio provides us with a best-in-class set of solutions that will improve our operational efficiency and our overall business performance. This is an exciting project for the Bank and we look forward to using the Oracle FLEXCUBE platform across our other global locations to differentiate us from our competitors, and deliver excellent customer service."

· NRK Raman, CEO and Managing Director Oracle Financial Services Software says: "We are pleased to be a partner of choice to Mashreq Bank, a leading bank in the region. We are confident that Oracle FLEXCUBE will provide the bank with a sound and technologically advanced platform that will help to standardize the business processes and increase its operational efficiency. "