Misys has announced that its core banking and trade services solutions have been selected by Masraf Al Rayan, a Qatar-based investment bank focusing on providing services with an entirely Sharia'a compliant portfolio of products. The solution was chosen by Masraf Al Rayan in order to support its expansion plans and to assemble a true Islamic solution that is both scalable and reliable for its consumer and commercial customers.
"Misys and its core banking solution, Equation, has an excellent track record in our market for delivering solutions that fully support Islamic banking and finance. We have plans to build our business quickly and expand our branch network rapidly in Qatar and in throughout the region,' comments Said Mohamed, chief operating office at Masraf Al Rayan.
Misys Trade Innovation and the front-end solution, Misys Trade Portal, will be deployed as part of the agreement with the bank to contend with expanding volumes and value of trade transactions, both through letters of credit and open account. The integrated solution has the capacity to manage the entire trade finance operation from front office to back-office transaction processing.
Masraf Al Rayan will become the seventh financial institution to join the Misys network in Qatar, a region experiencing a growth surge in both exports and imports.
Last Updated May 08, 2008
Reader Comments