Albaraka Banking Group (ABG), one of the world's foremost Islamic Banking specialists, has signed an agreement to use Misys Equation (Islamic) to streamline operations, improve the retail and Islamic banking services it provides its customers, and enable the bank to expand into new territories.
The solution from Misys will be implemented in three of ABG's subsidiary headquarters in Bahrain over the next twelve months and in Beirut and Durban thereafter, rolling it out at the same time across the three countries' branch networks. Misys Equation (Islamic) will provide the bank with the ability to satisfy the increasing demand of ABG's customers for products and services that strictly conform to the principles of the Shari'a.
ABG was incorporated in 2002, formed of ten existing banks brought in under the single Group business, to fulfil the need for a truly global Islamic banking service for Muslims worldwide. The bank has made its strategy clear in a recent statement that it intends to expand this Islamic Banking business rapidly providing a growing array of products and services to its customers worldwide.
As Mr. Adnan Yousif, ABG's CEO, comments, this strategy relies heavily on the best IT solutions available. "Misys' value proposition of being 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 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."
Trade finance processing was a key component to the growth strategy and access to the bank via the Internet was crucial to ABG's customers. To this end, Misys' award-winning trade services solution, Misys Trade Innovation, and the company's IFM Internet Banking solution was also licensed as part of the deal.
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."