Misys reports Masraf Al Rayan, CUCM deals
06 May 2008 | 2624 views | 0
Source: Misys plc
Misys plc (FTSE: MSY.L), the global application software and services company, today announces that its core banking and trade services solutions have been selected by Masraf Al Rayan to build a true Islamic solution for its consumer and commercial customers.
Misys was chosen as the best partner for Masraf Al Rayan over other solutions from five vendors because of its proven expertise in Islamic finance and credibility in the region.
"Misys and its core banking solution, Equation, has an excellent track record in our market for delivering solutions that fully support Islamic banking and finance," comments Said Mohamed, Chief Operating Office at Masraf Al Rayan. We have plans to build our business quickly and expand our branch network rapidly in Qatar and in throughout the region; we therefore needed a reliable and proven solution that minimized the risk in the project and was able to scale at the rate at which we are planning to grow."
Masraf Al Rayan, which recently won the "Best New Islamic Bank" award, is focused on providing commercial and investment banking solutions with an entirely Sharia'a compliant portfolio of products. It also provides its customers a range of consumer services such as vehicle, home finance and goods finance.
The bank is already building a reputation for innovative products and a high standard of customer service. "We are dedicated to delivering superior customer satisfaction consistently," continues Said Mohamed. "Misys will enable us to maintain this excellence."
The trade finance sector in Qatar is growing very strongly, mirroring the vibrant economy in the country, underpinned by the success of the petrochemical industry. Exports have surged in recent years, as oil prices have increased and energy export volumes have grown, coupled with a steady influx of imports.
As part of the solution from Misys, the bank needed an integrated system to cope with this growth and to manage the entire trade finance operations from the front office to the transaction processing in the back office. Misys Trade Innovation and the front-end solution, Misys Trade Portal, were selected as part of the agreement with the bank to handle the expanding volumes and value of trade transactions, both through letters of credit and open account.
Roy Froud, Head of Middle East and Africa, Misys Banking, states, "Masraf Al Rayan has very clear expansion plans both organically and through potential acquisitions. We are delighted that it has chosen our highly flexible and scaleable solution and our in-depth knowledge of and excellent track record in Islamic finance. The advanced functionality and stability of our integrated core banking and trade finance solution will fully support the bank's Islamic finance products and services. We welcome Masraf Al Rayan to our network of more than 120 financial institutions in the region, seven of which are in Qatar. We very much look forward to supporting the team as it continues to grow the business and add value to its customers."
Separately, Credit Union Central of Manitoba (CUCM), the trade association for Manitoba's 52 credit unions, has become the first institution in North America to adopt an innovative hosted treasury and risk management service from Misys, the global application software and services company.
2007 marked the eighth straight year of double-digit growth for Manitoba credit unions, and to tackle the challenges of a rapidly expanding asset book and comply with new accounting regulations, CUCM will implement Misys Opics Plus — a comprehensive treasury and capital markets solution for front-to-back office, cross-asset processing of a wide range of financial instruments — through a managed service.
The platform operates in an innovative 'software-as-a-service' environment and will be used to manage CUCM's $2-billion Cdn investment portfolio. CUCM will use the service to transact and account fixed income and money market investments as well as interest rate swaps. It will also utilize Misys Eagleye, an advanced monitoring and controls solution, and Misys Opics Risk Plus, an advanced market risk and portfolio management solution. These investments will allow CUCM to further boost automation in its operations and strengthen compliance monitoring across its portfolio.
Garth Manness, Chief Executive Officer at Credit Union Central of Manitoba comments: "We want to put tools in place that will benefit our stakeholders and improve the efficiency, accuracy, and integrity of our trading and central banking functions."
CUCM initially identified Misys as a potential partner two years ago when it was evaluating treasury and risk management solutions that could be accessed remotely. In June of last year, Misys announced the creation of a new range of online software-as-service solutions based on its existing offerings for treasury and capital markets participants.
Rick Salk, Head of Sales Americas for Misys Solutions for Treasury & Capital Markets adds: "In today's market, the advanced portfolio management tools available to Credit Union Central of Manitoba will allow them to better manage risk, improve efficiency, and support new products. The real-time reporting features will also, we believe, make them one of the most forward-thinking financial institutions in Canada."
Misys Treasury & Capital Markets has 18 years of market experience and unrivalled software development expertise. It creates integrated, comprehensive solutions for financial institutions to manage their capital market activities across multiple asset classes.