Advent Software (NASDAQ:ADVS), a leading provider of software and services for the global investment management industry, today announced that Abu Dhabi Islamic Bank has selected Advent Portfolio Exchange (APX), Advent's award-winning, next-generation integrated portfolio management and client relationship management solution.
APX will provide Abu Dhabi Islamic Bank with the technology infrastructure to support its new global wealth management division.
Abu Dhabi Islamic Bank commenced operations in 1998, and has since grown into one of the largest Islamic banks in the Middle East. The bank focuses on providing customers with quality, cost-effective and Shari'a-compliant financial services across its personal, corporate, royal, investment and institutional banking business lines. And with its new global wealth management division, Abu Dhabi Islamic Bank is expanding the range of value-driven services it can offer clients to meet their financial goals.
"A key component of Abu Dhabi Islamic Bank's objectives is to use state-of-the-art technology to develop and deliver our banking products and services. With APX we have an industry-leading system that is proven in the market, and is provided and supported by a company that is proven in the region," said Malik Sarwar, Senior Vice President, Global Wealth Management, Abu Dhabi Islamic Bank. "APX gives us the capabilities we require to meet the wealth management industry's best practice requirements, as well as the scalability to grow the business in line with our vision of being a top tier Islamic financial services group."
"We are delighted that Abu Dhabi Islamic Bank has entrusted Advent with the role of technology provider to support its exciting expansion plans in the wealth management arena," said H�kan Valberg, Senior Vice President and General Manager, Advent Software EMEA. "With our committed local presence, local support, and industry-leading technology capabilities, Advent is now recognized as a market leader for wealth management solutions in the Middle East, as this latest agreement with Abu Dhabi Islamic Bank underscores."