LONDON, April 22 /PRNewswire/ -- Dubai Bank, one of the leading Islamic banks in the market, has adopted Misys Trade Innovation to strengthen its trade finance operations in the rapidly growing Middle Eastern banking market. The bank will implement the solution to underpin and reinforce its trade finance function, allowing enhanced visibility and management of its day-to-day financing operations across its markets.
Misys Trade Innovation will be implemented at the bank's head office in Dubai and will give Dubai Bank significantly greater leverage to its trade finance function. It will aid the bank in monitoring its execution of Letters of Credit, guarantees and collections - giving a crucial broad view of the bank's operations and allowing greater breadth and depth in functionality across financing.
On behalf of Dubai Bank, Faizal Eledath, Chief Information Officer, comments, "In the last three years we have seen significant development in the Middle Eastern banking market. The trade finance market in particular is expanding rapidly and it is important that we have the back-office functionality to support our market-leading position. This implementation of Misys Trade Innovation gives us a key competitive edge and allows unparalleled market positioning in the international trade arena across the region."
Ali Al Hashimi, Chief Operating Officer of Dubai Bank states the importance of this agreement with Misys, "International trade finance has seen many changes over the last few years, with reliance on open-account transactions growing. One of our strategic imperatives is to have the capability to deal with this and cater for any potential, future change. We are confident that the solution from Misys, coupled with their expertise and in-depth trade finance knowledge will support us well as we continue to expand the business".
On behalf of Misys, Roy Froud, General Manager, Middle East & Africa, adds, "Misys Trade Innovation gives Dubai Bank an unrivalled facility for meeting the demands of the current trade finance market, both in ensuring levels of service to customers and in providing full back-office functionality. Working in such a fast-moving market as the Middle East is a challenge for any financial institution and we are delighted to be able to equip Dubai Bank with the best solution for their needs in this key region."
About Misys plc
Misys plc (FTSE: MSY.L), provides integrated, comprehensive solutions that deliver significant results to organisations in the financial services and healthcare industries. We maximise value for our customers by combining our deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with over 1,200 customers, including all of the world's top 50 banks. In healthcare, Misys is a market leader, serving more than 110,000 physicians in 18,000 practice locations and 600 home care providers. Misys employs around 4,500 people who serve customers in more than 120 countries.
We aspire to be the world's best application software and services company, delivering results for the most important industries in the world.
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Contact us today, visit: http://www.misys.com For further information please contact: Edward Taylor Global Head of Public Relations Misys Banking +44(0)208-486-1661 edward.taylor@misys.com
For further information please contact: Edward Taylor, Global Head of Public Relations, Misys Banking, +44(0)208-486-1661, edward.taylor@misys.com
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