The Islamic Development Bank Group has signed a service agreement today with Misys, the global provider of financial application software and services for Banking and Capital Markets, to enhance the Treasury and Investment Departments within the IDB Group.
As per the agreement, Misys will provide various solutions including Opics Plus, Opics Risk Plus, Sophis VALUE and Eagleye to enhance the capacity of the Treasury and Investment functions, in order to serve IDB's clients more effectively and make its internal processes more efficient as part of IDB Group Business Enhancement and Systems Transformation (GBEST) Program.
By automating its internal processes and managing the treasury and investment operations on a single platform, the solutions will enable IDB to monitor and report risk exposure across the IDB Group. The Misys solutions will fulfill the IDB Group treasury and investment needs for straight-through processing across the entire operations, including analysis, trade execution and risk management.
The agreement was signed at IDB Group Headquarters in Jeddah, Saudi Arabia, by Dr. Ahmad Mohamed Ali, Chairman, IDB Group, and Mr. Michel Daenen, Managing Director of the capital markets business in Middle East and Africa at Misys.
Mr. Ibrahima NDIAYE, Director IT Department, commented that "in addition to its renowned Capital Market Solutions, Misys has demonstrated a sound understanding of the Islamic Treasury and Investment markets' which will be instrumental while implementing IDB's requirements. This is a hugely significant program of transformation for Islamic Development Bank Group, and IDB has selected Misys as the partner to help it achieve this transformation."
Mr. Michel Daenen, Managing Director of the capital markets business in Middle East and Africa at Misys, commented, "Misys continue to invest and maintain our focus on the important Islamic market and the Islamic Development Bank Group shares the common goal of maximizing the use of technology to standardize processes and improve efficiency in order to maintain a competitive edge. Open, integrated, componentized solutions are in our DNA at Misys, supported by a dedicated professional services organization - all cocontributing to the best solution to IDB's specific challenges."
Commenting further on the agreement, Mr. Michel Daenen, stated that Misys is "honored to have been chosen by the Islamic Development Bank Group as a partner to contribute to its BEST program to automate IDB Group Islamic treasury and investment business. IDB Group is a very prestigious internationally renowned Islamic finance organization with professionals hailing from each of its member countries and beyond - working with or for IDB Group bringing the best of their knowledge in the Islamic Financial space. Our agreement with IDB Group rewards our constant investment in Research and Development to ensure our solutions not only answer conventional financial market needs but Islamic requirements as well."
"Since its entry into the Middle East and African markets in 1982, Misys has solidified its position working alongside regional market participants to provide scalable, reliable and long-standing software solutions to support complex business needs. By winning IDB's business, Misys is further strengthening its customer portfolio of global development banks that includes the World Bank, African Development Bank, Asian Development Bank, and European Bank for Reconstruction and Development. By optimising their global experience with local knowledge, comprehensive solutions and industry insight, Misys continues to grow and strengthen its leadership position within the Middle East and Africa's financial services industry."