Egyptian Saudi Finance Bank selects Misys for Islamic Banking

17 December 2008

Misys (FTSE: MSY.L), the global application software and services company, announced today that Egyptian Saudi Finance Bank (ESFB) has chosen Misys Equation 3.9 for its 11 branches across Egypt. The solution is the latest version of the widely-used retail banking solution from Misys and will help ESFB to provide better and more innovative Islamic services to its customers.

ESFB is one of the leading banks in Egypt and has a long tradition of providing its customers with the best and most up-to-date products and services. Misys Equation 3.9 with advanced Islamic Banking capabilities was selected pre-integrated with the trade finance solution, Misys Trade Innovation. The resulting integrated solution will deliver significant benefits to the bank, enabling it to manage processes more efficiently and deliver new and innovative products to customers.

Founded in 1988, ESFB is a bank that is committed to products and services that are compliant with principles and rules of Islamic Sharia. It operates through its Cairo-based Head Office, as well as 11 additional branches including Giza, Alex, and Mansoura. Having decided to update its systems, ESFB spoke to a number of companies and Misys was shortlisted with Infosys. Misys was selected due to its excellent reputation in the region for its Islamic Banking solutions as well as its smooth implementation track record, in terms of timing and processes.

Ashraf El-Ghamry, Chairman, Egyptian Saudi Finance Bank, comments, “Misys has a great reputation in the region and was top of our list of companies to speak to. We are very impressed with how its solutions will help ESFB to modernise its operations and deliver Sharia-compliant solutions to our customers. This is a very exciting time for banking in the Middle East and we are proud to be leading the way in delivering modern Islamic banking.”

Roy Froud, Head of Middle East and Africa, Misys Banking, adds, “With a strong client focus, ESFB understands exactly what it wants to offer its customers and how technology can play a key role. The Middle East is an important region for Misys and we look forward to increasing our presence here and helping ESFB meet its business goals going forward.”

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