AlBaraka Islamic Bank has announced that it has selected Misys Equation and Misys Trade Innovation for implementation across its 20 branches in Pakistan.
The new contract builds on a number of previous contracts with the AlBaraka Banking Group (ABG) and Misys across Africa and the Middle East.
Shafqaat Ahmed, AlBaraka Islamic Bank's Country Head Pakistan said, "As part of our growth strategy involving conversion of our Pakistan Operations into an Islamic Bank registered in Pakistan, paving the way for significantly enhancing our branch network and customer outreach, AlBaraka Islamic Bank in Pakistan has chosen Misys Equation as its new banking system. This will support its growth and diversification and would provide us a common banking system platform with our parent company, AlBaraka Banking Group, Bahrain and subsidiary banking companies spread over 12 countries. AlBaraka Islamic Bank's choice of Misys Equation is based on Misys' ability and strength to fully support AlBaraka's Islamic Banking needs, its strong risk management and compliance policies and its need for strong parameterisation attributes in a system, to support the bank's ongoing efforts aimed at innovative new product development."
AlBaraka Islamic Bank hopes that its choice of Misys Equation would also complement its high priority objectives of state-of-the-art technology that brings customer service-driven efficiency and a transparent Management Information System, since Misys Equation is an integrated, real-time, multi-currency banking system that supports delivery of competitive products and excellent customer service for both, consumer and corporate banking, within a single platform.
Moreover, AlBaraka Islamic Bank's strength in Trade Financing services will be enhanced and complemented by Misys' award-winning trade services solution, Misys Trade Innovation, and the company's IFM Internet Banking solution which are also licensed as part of the deal.
With the Misys solution being implemented in its three locations, in addition to Pakistan, AlBaraka Banking Group is moving towards a truly integrated banking systystem throughout more than 250 branches in 12 countries and its planned future worldwide locations, which will facilitate meeting its objective of standardised banking operations, product range and reporting system throughout ABG, thus truly unifying ABG into one big global organisation, dedicated to Islamic Banking principles.
Tariq Kazim, DGM Support Services & Overseas Services, AlBaraka Islamic Bank Bahrain, comments, "AlBaraka Bank sees the partnership with Misys as a critical part of our expansion strategy. The superior product capability and market knowledge that Misys brings will help us to develop and launch new products and services to multiple markets more quickly than before. We continue to strive to deliver the best to our customers and are confident that this relationship will help us to achieve our goals."
Roy Froud, Head of Middle East and Africa, 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 are expanding our relationship to support that growth with our solutions, supported by our talented team of experts."