Misys plc (FTSE: MSY.L), the global application software and services company, today announces that its core banking and trade services solutions have been selected by Masraf Al Rayan to build a true Islamic solution for its consumer and commercial customers.
Misys was chosen as the best partner for Masraf Al Rayan over other solutions from five vendors because of its proven expertise in Islamic finance and credibility in the region.
“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,” comments Said Mohamed, Chief Operating Office at Masraf Al Rayan. We have plans to build our business quickly and expand our branch network rapidly in Qatar and in throughout the region; we therefore needed a reliable and proven solution that minimized the risk in the project and was able to scale at the rate at which we are planning to grow.”
Masraf Al Rayan, which recently won the “Best New Islamic Bank” award, is focused on providing commercial and investment banking solutions with an entirely Sharia'a compliant portfolio of products. It also provides its customers a range of consumer services such as vehicle, home finance and goods finance.
The bank is already building a reputation for innovative products and a high standard of customer service. “We are dedicated to delivering superior customer satisfaction consistently,” continues Said Mohamed. “Misys will enable us to maintain this excellence.”
The trade finance sector in Qatar is growing very strongly, mirroring the vibrant economy in the country, underpinned by the success of the petrochemical industry. Exports have surged in recent years, as oil prices have increased and energy export volumes have grown, coupled with a steady influx of imports.
As part of the solution from Misys, the bank needed an integrated system to cope with this growth and to manage the entire trade finance operations from the front office to the transaction processing in the back office. Misys Trade Innovation and the front-end solution, Misys Trade Portal, were selected as part of the agreement with the bank to handle the expanding volumes and value of trade transactions, both through letters of credit and open account.
Roy Froud, Head of Middle East and Africa, Misys Banking, states, “Masraf Al Rayan has very clear expansion plans both organically and through potential acquisitions. We are delighted that it has chosen our highly flexible and scaleable solution and our in-depth knowledge of and excellent track record in Islamic finance. The advanced functionality and stability of our integrated core banking and trade finance solution will fully support the bank’s Islamic finance products and services. We welcome Masraf Al Rayan to our network of more than 120 financial institutions in the region, seven of which are in Qatar. We very much look forward to supporting the team as it continues to grow the business and add value to its customers.”