Misys Banking Systems wins top award for “Global contribution to Islamic finance through IT”

21st March 2006 - Dubai – Misys Banking Systems is delighted to have received the “Sheikh Mohammed bin Rashid Al Maktoum Islamic Finance Award for Global Contribution to Islamic Finance in IT”. The winners of the awards were unveiled at the 9th International Islamic Finance Forum gala dinner in Dubai on 20th March 2006.

Misys Banking Systems has been operating in the Middle East for over 20 years and now provides core banking systems for more than 70 banks in the region, including six dedicated Islamic Banks. It is through this valuable experience that Misys has been able to develop Misys Equation Islamic Banking, which has embedded fully Sharia-compliant Islamic functionality into Misys Equation’s internationally proven solution. This product and the associated Misys Islamic experts that assist with its implementation have been very successful in assisting banks to: set-up new Islamic Banks, convert conventional banks to Islamic Banking, and also to better automate already established Islamic banks. Among the most recent implementations are Islamic Bank of Britain (UK), Bosna Bank International (Bosnia), and Lebanese Islamic Bank (Lebanon).

Roy Froud, head of sales Middle East & Africa, Misys Banking Systems comments, “Demand for Islamic banking has grown exponentially over the last decade. We have been able to use our deep understanding of the issues and challenges of the Islamic Banking market in order to develop our solution - Misys Equation Islamic Banking. We would like to thank His Highness Sheikh Mohammed bin Rashid Al Maktoum for his support of the Islamic Finance industry. We would also like to thank our customers for their continuing support.”

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