Misys today announced that QIIB has chosen Misys FusionBanking Essence Islamic.
The bank is implementing the new solution in conjunction with Misys FusionBanking Party Management, to accelerate modern Sharia-compliant banking and build client loyalty through an enriched customer experience.
“The Islamic finance sector is highly challenging as a result of multiple players and strict regulations. In order for us to differentiate ourselves and grow, we must put the clients’ needs front and centre, providing them with superior customer service,” said Nasser Hasan Mahmoud, Head of IT at QIIB.
“We are confident that choosing the new Misys Islamic banking solution will enable us to streamline processes, improve operational efficiency, and deliver Sharia compliant products and services to our clients quicker. As a result we expect to be in the best position to fully capture and meet the needs of this growing market and obtain tangible cost reduction.”
The Islamic banking sector is fiercely competitive. Increasingly, technology is acting as a powerful enabler to help institutions automate, drive efficiencies and identify new areas of profitability.
FusionBanking Essence Islamic is a new component of the broader Essence suite. It enables banks to rapidly transform architecture without the need to rip and replace. This agile building-block concept offers rapid construction of new finance processes at a granular level, driving down the high cost-to-income ratio of Islamic banks.
Mohammed AlMawlawi, General Manager of Business Development and Marketing at QIIB said, “Our vision is to go beyond expectations. Our close collaboration with Misys enables us to achieve that goal. We are able to further apply our own innovation on top of the new solution which will support us in driving advanced banking automation and a more intelligent banking future.”
“We are committed to helping banks excel in the increasingly in-demand area of Islamic finance,” said Nadeem Syed, CEO, Misys. “QIIB will benefit from our cutting edge technology, optimising Islamic banking processes so that it can drive growth, performance and compliance. Having worked with the bank for many years, we are keen to continue supporting its transformation journey.”
QIIB has been a Misys customer since 1990, with the bank already using Misys FusionBanking Equation for core banking, alongside other Misys payment management and trade finance solutions. Combining the Islamic offering with these componentised tools delivers a comprehensive, integrated system.