Egypt’s first Islamic Bank, the Faisal Islamic Bank of Egypt, has selected SunGard’s risk management suite to help it put a system in place for risk exposure and reporting, and to meet its Basel compliance obligations.
The bank plays a leading role both in the Egyptian banking sector and in meeting the country’s development goals, meaning that it must be seen to lead the way in adopting best practices in the region. It plans to use the SunGard solution to better identify and manage risk and improve its investment decisions by centralising all of its risk activities and transforming its risk infrastructure whilst complying with all regulatory standards, both domestic and international.
“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 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.”
“Banks that continue to run legacy risk management systems face challenges in meeting today’s risk and compliance requirements,” added Wissam Khoury, Managing Director for SunGard in the Middle East. “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.”