12th June 2006 – Misys Banking Systems, a global leader in banking software and solutions, announces today that Misys Equation has been selected by Eskan Bank for its core banking system. Mrs. Sabah Al Moayyed, the General Manager of Eskan Bank, signed the agreement with Misys Banking Systems at a signing ceremony which took place at the Eskan Bank head offices at Al Moayyed Tower, Seef District on 30th May 2006. Mr. Roy Froud, head of sales, Middle East and Africa, represented Misys at the ceremony.
“Real estate is one of the fastest growing economies in Bahrain and we needed a system that could more than cope with the burgeoning number of loans being demanded by consumers seeking to build their own houses,” comments Mrs. Sabah Khalil Al-Moayyed, General Manager of Eskan Bank. “We had to ensure that we could not only maintain our position in the market, but also keep ahead of the competition. Misys Equation gives us the technology to manage the present level of activity and also cope with the increase in new products we will offer in the future.”
The bank is installing Misys Equation immediately for its core system, with a Branch Automation module to manage consumer banking across its national branches. Later this year, it will roll out its multi-channel banking offering integrating ATMs, Internet banking and telephone banking, while increasing its anti-money laundering capabilities and ensuring compliance with regulations such as Basel II.
Roy Froud, head of sales, Middle East and Africa, Misys Banking Systems, comments, “We are delighted to have been chosen ahead of the competition for our understanding of the bank’s business and for the reliability and reputation of Misys Equation. We look forward to working alongside the team at Eskan Bank to ensure that they can quickly expand, offering new products to their customers without disrupting normal business.”
Operating under the authority of the Ministry of Housing and Work, Eskan Bank processes and grants mortgage loans for Bahraini homeowners. With competition increasing from commercial banks entering the market and with consumers demanding a wider range of options for mortgages and other financial products, Eskan Bank was looking for ways to capitalise on technology to sustain its lead.
The bank had evaluated several international solutions and had chosen Misys Banking Systems for its depth of knowledge, reputation and its prestigious user base in the Middle East. Computer Business Machines (CBM), one of Misys Banking Systems partners in the Middle East, will implement the system.