Arab Bank has gone live with the Misys Equation Islamic solution at its offices in Qatar. It is planning to roll out the solution across all its operations in the GCC, beginning with its Abu Dhabi branch in December 2008.
Arab Bank has been a customer of Misys for over 20 years, running Misys Equation across its network. The newly implemented Islamic version of Equation will cover the full range of 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 has assets in excess of US$47.1bn and has 500 branches spanning 30 countries across five continents.
Last Updated August 12, 2008
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