Al Salam Bank-Bahrain (ASBB) has announced that it will shortly begin implementing Fermat’s Integrated Risk Management Solutions at group level for its businesses in and outside Bahrain.
Mr. Yousif Taqi, Chief Executive Officer of ASBB, commented that ASBB selected Fermat, which is considered as a leading provider of integrated risk and performance management solutions for the global financial services industry, to implement these solutions. Such implementation will incorporate software applications and systems including Fermat CAD (Capital Adequacy Directive) Basel II, Fermat CAD Regulatory Reporting Tool and Fermat ALM (Asset and Liability Management).
“At ASBB, we are committed to adopting best practices in areas such as Corporate Governance, Risk Management and Compliance in order to achieve internationally recognised standards. For that reason, we are pleased to be working with Fermat because it has been able to demonstrate the ability to help us be fully compliant with Risk Management best practices,” Taqi said.
With this agreement, ASBB is Fermat’s seventh client in the Middle East. It joins a list of clientele, which includes National Bank of Bahrain, Gulf International Bank, Arab Banking Corporation and Abu Dhabi Commercial Bank.
Mr. Gilbert Gagnaire, Co-Founder of Fermat Commented “Fermat caters not only for conventional banking, but will also increasingly do so for Islamic banking, especially as the latter grows in size and prominence. As a result, we are delighted to be working with ASBB which cements Fermat’s leadership position in Bahrain”.
ASBB is Shari’a-compliant bank incorporated in 2006 when it undertook the largest ever IPO in the Kingdom of Bahrain. ASBB provides a range of innovative and highly differentiated Islamic banking products and services in Wealth Management & Private Banking, Retail & Corporate Banking fields.