Arab Bank, which has assets in excess of $47.1bn, will further roll out the Islamic banking version of Equation starting with its Abu Dhabi branch which is expected to start in December 2008, thereby extending its presence in the Islamic Banking sector. The sector is forecast to be worth over $1,000bn by the end of the decade.
With 500 branches spanning 30 countries across 5 continents, Arab Bank has been a customer of Misys for over 20 years, running Misys Equation across its network. The Islamic version of Equation covers the full range commercial banking operations, including finance, finance origination, automated profit calculation and distribution.
âMisys and Arab Bank have a long history of successful partnership, and I am delighted we are enhancing that with our addition of the Islamic Equation service,â comments Assistant Arab Bank CEO Michel Accad. âThe Middle Eastern Shariâa banking industry is one of the worldâs great banking success stories and it is essential for Arab Bank to be supported by industry-leading technology as we continue to further expand our services across the region."
Roy Froud, Head of Sales for Middle East and Africa, Misys, adds, âWe are witnessing a rapid growth of the Islamic finance market, with Shariâa compliant products more in demand than ever before. Misys is working at the forefront of developing new functionality that underpins banksâ back office operations and this extension of our work with Arab Bank is an excellent example of how we add real value to our Islamic banking clients.â