Rafidain Bank, the largest bank in Iraq, has gone live with a groundbreaking turnkey solution from Misys plc (FTSE: MSY.L), the global application software and services company.
Rafidain Bank's international branches, comprising operations in Jordan, Lebanon, Egypt, Yemen, UAE and Bahrain, have gone live with the new system. Misys' regional partner, B-Plan Information Systems, will now commence roll-out of the system to 147 of the bank's remaining branches across Iraq.
Rafidain Bank is Iraq's biggest bank with a 45% market share, and in excess of 4.5 million accounts. Dating back to 1941, it is one of Iraq's key financial institutions and has led the way in the resurgence of the Iraqi banking sector in recent years. The contract with the Misys / B-Plan consortium to install a core banking and communications system is a flagship project for the re-modelled Iraqi banking sector and comes as the country continues to normalise its financial services. In an increasingly competitive market the implementation of the Misys solution will equip Rafidain with essential tools for developing and expanding its market presence and customer offering.
The solution includes the deployment of electronic clearing systems, Misys Bankmaster and Branchpower and the supporting hardware and communications network across the bank's Iraqi network and also in Beirut, Cairo, Jordan, Abu-Dhabi, Manama (Bahrain) and Sana' (Yemen). The project, which is one the largest of its kind in the world, allows Rafidain to deliver competitive products and an excellent service to its domestic and international customers.
Roy Froud, Misys' Regional Director for the Middle East and Africa, comments, "The provision of a functioning and sophisticated banking system is central to the economic development of any country. In the case of Iraq, this service is particularly vital and we are delighted to see our solutions going live for one of the country's leading banks and helping support both its national and international operations. The progression of the roll-out across the Iraqi branch network will give Iraq's banking community a huge boost in its capabilities and its international standing."
Shirko Abid, CEO of B-Plan, adds, "The advanced solution and the broad regional experience Misys has built up over the last two decades, coupled with our strong position as a provider of mission-critical turnkey solutions was crucial to the deal. To see it now come to fruition as the network goes live is very gratifying."