Egypt’s Faisal Islamic Bank Selects SunGard for ERM Framework
SunGard said that Faisal Islamic Bank of Egypt, the first Islamic Bank in Egypt, has selected its suite of enterprise risk management (ERM) solutions to help build a new operational framework for improved risk exposure, reporting and Basel compliance.
It added that as an active participant in the country’s development projects and a leading player in the Egyptian banking sector, the bank recognised a need to transform its risk infrastructure to comply with international and domestic regulatory standards.
The bank plans to centralise its risk activities using the SunGard solution suite, to better identify, measure, monitor and manage risk. This will also help provide more accurate insight to support investment decision making. It 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,” said Mr. Mohammed Abdulalim, sector head of risk management, Faisal Islamic Bank of Egypt.
“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.”
Wissam Khoury, managing director, Middle East, SunGard, added: “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.”