LONDON, August 11 /PRNewswire/ --
- Leading Middle East Institution Extends Longstanding Misys Relationship With Market Leading Functionality for Shari'a Compliant Commercial Retail Operations
Arab Bank, the first private sector financial institution in the Arab World, with offices throughout the Middle East, has gone live with the Misys Equation Islamic solution at its offices in Qatar. The move gives the Amman-based bank unmatched Corporate Islamic banking capabilities, and greatly enhances the bank's offering to the fast-growing Islamic banking community in Qatar. The intention is now to roll out the solution across its operations in the GCC.
Arab Bank, which has assets in excess of US$47.1bn, will further roll out the Islamic banking version of Equation starting with its Abu Dhabi branch which is expected to start in December 2008, thereby extending its presence in the Islamic Banking sector. The sector is forecast to be worth over US$1,000bn by the end of the decade(1).
With 500 branches spanning 30 countries across 5 continents, Arab Bank has been a customer of Misys for over 20 years, running Misys Equation across its network. The Islamic version of Equation covers the full range commercial banking operations, including finance, finance origination, automated profit calculation and distribution.
"Misys and Arab Bank have a long history of successful partnership, and I am delighted we are enhancing that with our addition of the Islamic Equation service," comments Assistant Arab Bank CEO Michel Accad. "The Middle Eastern Shari'a banking industry is one of the world's great banking success stories and it is essential for Arab Bank to be supported by industry-leading technology as we continue to further expand our services across the region."
Roy Froud, Head of Sales for Middle East and Africa, Misys, adds, "We are witnessing a rapid growth of the Islamic finance market, with Shari'a compliant products more in demand than ever before. Misys is working at the forefront of developing new functionality that underpins banks' back office operations and this extension of our work with Arab Bank is an excellent example of how we add real value to our Islamic banking clients."
Arab Bank was established in 1930, its founding mission has been the driving force behind the significant role it has played in advancing Arab Economies through financing strategic projects across the Middle East and North Africa (MENA). It was - and still is - a key player in facilitating Pan-Arab trade and in connecting the world to MENA markets
After eight decades, Arab Bank, headquartered in Jordan, maintains a leading global network and enjoys a prominent position in the MENA region centers such as Dubai, Manama and Doha and key international financial centers such as London, Zurich, Frankfurt, New York, Singapore and Sydney.
With the world's largest Arab Banking branch network and a global team of high caliber professionals, Arab Bank is uniquely positioned to be a partner of choice for MENA and global expertise.
Arab Bank Group is one of the largest banking institutions in MENA. At end of June 2008, its shareholders' equity base reached USD 7.7 billion, and a total Assets of USD 47.1 billion, and a pre-tax and provisions profit of USD 616.8 million
About Misys plc
Misys plc (LSE: MSY), 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 100,000 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.
Misys: Experience, Solutions, Results Contact us today, visit: http://www.misys.com
(1) Financial Times, London, June 23 2008
For further information please contact Edward Taylor Global Head of Public Relations Misys Solutions for Banking +44(0)20-3320-5530 firstname.lastname@example.org Sebastian Mathews Financial Dynamics +44(0)207-269-7158 email@example.com
For further information please contact: Edward Taylor, Global Head of Public Relations, Misys Solutions for Banking, +44(0)20-3320-5530, firstname.lastname@example.org; Sebastian Mathews, Financial Dynamics, +44(0)207-269-7158, email@example.com