Faisal Islamic Bank of Egypt, one of the first Islamic banks in Egypt, has chosen SunGard’s suite of enterprise risk management technology to establish a new operational framework for improved risk exposure, reporting and Basel compliance.
The bank, which is a leading player in the Egyptian banking sector, recognized the need to upgrade its risk infrastructure to comply with global and domestic regulatory standards.
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Leveraging SunGard’s solution site, the lenders plans to centralize all of its risk activities to help identify, measure, monitor and manage risk more effectively.
Automating and centralizing the risk management processes will enable the lender to boost risk exposure transparency while helping the lender to decrease reporting time.
In addition, Faisal Islamic Bank of Egypt will also benefit from the solutions’ best practices, out-of-the-box reporting and monitoring capability, which will assist in improving balance sheet management and drive value from more sophisticated, forward looking analysis.
Faisal Islamic Bank risk management sector head Mohammad Abdulalim said: "As a pioneer of Islamic banking in Egypt, when evaluation 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.
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By GlobalData"SunGard provides us with a fully comprehensive solution site underpinned by global and local best practise and standards."
SunGard Middle East managing director Wissam Khoury said: "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."
