IPC announced today Bank Muamalat, a well established Islamic bank in Malaysia, will upgrade its trading floor with IPCâs state-of-the art trader desktop, IQ/MAX, in a phased rollout. IPC is a leading provider of mission-critical communications solutions to global enterprises, serving financial services institutions in more than 40 countries. More than 105,000 traders around the world rely on an IPC desktop every day.
An IPC customer since 2003, Bank Muamalat began focusing on its Treasury department in 2004 and anticipated significant growth in this area. The bank wanted to give its dealing room a competitive edge by installing the best technology infrastructure available without putting too much one-time strain on capital. Therefore, IPC helped Bank Muamalat design a phased approach that would allow the bank to install top-of-the-line technologies over time. This most recent phase involves the upgrade of Bank Muamalatâs trading positions to IPCâs IQ/MAX trader desktop, which won the bank over with its intuitive user interface. IQ/MAX is the first trader desktop to be based on primary research conducted by IPC with more than 300 actual traders. IQ/MAX debuted in March 2006 and in other cities around the world throughout the year. Implementation of IPCâs state-of-the-art IQ/MAX trader desktop is scheduled to begin shortly.
Zafer Hashim, Chief Financial Officer, Bank Muamalat, said, âIPC has proven itself as a very reliable partner to Bank Muamalat. Technology is the way forward as we embrace internationalism. We know we can count on IPC to help us continue to build a single, seamless trading platform that will serve us well into the future.â Helmi Izham, Head of Treasury, Bank Muamalat added, âIPC gives us a competitive advantage by providing our dealers with the best tools, which gives them additional confidence and capability to do their jobs well.â
Stephen Phillips, IPC Managing Director of Asia said, âIslamic banking has been growing at a rate of 25% annually over the past four to five years and that growth is set to continue. In the Asia-Pacific region in particular there is an increasing demand for the best technology the marketplace has to offer. We are delighted that Bank Muamalat puts its faith in IPC innovation, and we look forward to a long relationship continuing to help them better serve their growing customer base.â
The deal with Bank Muamalat illustrates IPCâs expanding presence in Asia Pacific. In addition to its regional clients, many of IPCâs global clients have established full trading operations in Asia. In 2006, IPC opened two new offices in Kuala Lumpur and in Shanghai. IPC also has offices in Hong Kong, Tokyo, Singapore, Melbourne and Sydney.