Source: Dubai Bank
Dubai Bank, one of the leading Islamic banks in the market, has adopted Misys Trade Innovation to strengthen its trade finance operations in the rapidly growing Middle Eastern banking market.
The bank will implement the solution to underpin and reinforce its trade finance function, allowing enhanced visibility and management of its day-to-day financing operations across its markets.
Misys Trade Innovation will be implemented at the bank's head office in Dubai and will give Dubai Bank significantly greater leverage to its trade finance function. It will aid the bank in monitoring its execution of Letters of Credit, guarantees and collections - giving a crucial broad view of the bank's operations and allowing greater breadth and depth in functionality across financing.
On behalf of Dubai Bank, Faizal Eledath, Chief Information Officer, comments, "In the last three years we have seen significant development in the Middle Eastern banking market. The trade finance market in particular is expanding rapidly and it is important that we have the back-office functionality to support our market-leading position. This implementation of Misys Trade Innovation gives us a key competitive edge and allows unparalleled market positioning in the international trade arena across the region."
Ali Al Hashimi, Chief Operating Officer of Dubai Bank states the importance of this agreement with Misys, "International trade finance has seen many changes over the last few years, with reliance on open-account transactions growing. One of our strategic imperatives is to have the capability to deal with this and cater for any potential, future change. We are confident that the solution from Misys, coupled with their expertise and in-depth trade finance knowledge will support us well as we continue to expand the business"
On behalf of Misys, Roy Froud, General Manager, Middle East & Africa, adds, "Misys Trade Innovation gives Dubai Bank an unrivalled facility for meeting the demands of the current trade finance market, both in ensuring levels of service to customers and in providing full back-office functionality. Working in such a fast-moving market as the Middle East is aa challenge for any financial institution and we are delighted to be able to equip Dubai Bank with the best solution for their needs in this key region."