Faisal Islamic Bank of Egypt, the first Islamic Bank in Egypt, has selected SunGard’s suite of enterprise risk management solutions to help build a new operational framework for improved risk exposure, reporting and Basel compliance.
The bank is an active participant in the country’s development projects and a leading player in the Egyptian banking sector which strives to maintain best practices in the region. As part of this, the bank recognized a need to transform its risk infrastructure to comply with international and domestic regulatory standards. The bank plans to centralize all of its risk activities using the SunGard solution suite, which will help the bank identify, measure, monitor and manage risk more effectively. This will also help provide more accurate insight to support investment decision making.
Automating and centralizing its manual risk management processes will help the bank increase risk exposure transparency and reduce reporting time. The bank will also benefit from the solutions’ best practice, out-of-the-box risk reporting and monitoring to help improve balance sheet management and drive value from more sophisticated, forward looking analysis. The bank will also leverage the suite for improved Basel compliance.
“As a pioneer of Islamic banking in Egypt, when evaluating our risk and compliance requirements, we wanted to implement a solution that would help enhance not only our compliance capability but our competitiveness in this market. SunGard provides us with a fully comprehensive solution suite underpinned by global and local best practice and standards. We hope that the company’s strong footprint in the Middle East and proven implementation success in Islamic Finance will be key to helping us improve our risk management practices, particularly with the automated measurement of regulatory capital for Basel compliance in credit, market and operational risk,” Mr. Mohammed Abdulalim, sector head of risk management, Faisal Islamic Bank of Egypt.
“Banks that continue to run legacy risk management systems face challenges in meeting today’s risk and compliance requirements. Coupled with increasing Central Bank pressure to comply with international standards, we see these as key drivers to a wave of risk management transformation in the Egyptian banking sector. Faisal Islamic Bank of Egypt is taking steps to upgrade its operational capabilities and our technology will help them drive competitive advantage from their risk and compliance initiatives,” Wissam Khoury, managing director, Middle East, SunGard.
Tuesday, August 12- 2014 @ 13:29 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.