Bosna Bank International dd Sarajevo (BBI), the first bank in Bosnia and Herzegovina to operate on the principles of Islamic banking, has selected Misys Equation Islamic and Misys Trade Innovation to help expand the reach and capabilities of its retail banking operation and its trade finance services for corporate customers.
BBI’s founders and shareholders, Islamic Development Bank in Jeddah, Dubai Islamic Bank and Abu Dhabi Islamic Bank, recently invested KM50mn towards the rebuilding and further development of Bosnia and Herzegovina.
The bank is planning to double the number of retail branches within the country and has chosen the core banking system, Misys Equation, from Misys Banking Systems to maintain the high standards of customer service as it expands.
The bank plans to add new channels to its retail banking offer, such as internet and telephone banking as well as call centre capabilities. BBI is also extending its Islamic banking products, taking advantage of the additional capabilities of Misys Equation Islamic Banking and Finance.
In corporate banking, BBI is the only bank in Bosnia and Herzegovina to offer companies trade finance facilities under an Islamic banking framework. BBI chose Misys Trade Innovation to help it deliver more sophisticated and varied trade services. The choice was driven by the exceptional functionality and the substantial number of users of Misys Trade Innovation. This provides both confidence and business opportunity.
The fully integrated system will be installed at the bank’s head office in Sarajevo, from where it will be rapidly rolled out across the branch network.
Said Mohamed, director general of Bosna Bank International, sees Misys as critical to enabling the bank’s expansion: “Misys Banking Systems has an excellent track record of helping Islamic banks provide the service our customers need. Misys Equation will be integrated with our existing ATM system and to the local real-time clearing systems, which will enhance our retail banking offer. Additionally, we are confident that our trade finance operation will be very much strengthened by Misys Trade Innovation.”
Roy Froud, head of sales, Middle East and Africa, Misys Banking Systems, comments: “We have worked with the team at BBI to recommend a plan that will enable the bank to handle rapid growth and increase the number of customer touch points without disrupting normal business. We are delighted to have been chosen ahead of the competition yet again for the quality and reliability of the Misys Equation Islamic and Misys Trade Innovation products, and our Islamic finance expertise and technology strengths.”