Al Rajhi Bank selects Murex 15 October 2018Paris Reporter: Maddie Saghir
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Al Rajhi Bank has selected Murex, a global leader in trading, risk and back-office solutions for the capital markets, for its Islamic finance business.
Murex’s MX.3 platform will support the bank’s evolving Islamic finance activities and meet the demands of local and international regulators.
Additionally, MX.3 will allow the bank to effectively manage risk and comply with demanding Basel regulations.
Due to the new regulatory demands, Al Rajhi Bank wanted to modernise their system landscape and build a coherent strategy for regulatory compliance and internal risk management.
According to the bank, Murex was selected for its unparalleled local presences, regional knowledge, and proven track record of successful project implementations and personalised support model.
Murex’s high level of investment in new technologies and the latest architecture were also deciding factors.
Speaking about the new project, Abdulrahman El Fadda, general manager treasury at Al Rajhi Bank, said: “We are pleased to partner with Murex to implement their MX.3 treasury solution at Al Rajhi Bank.”
“This initiative is part of Al Rajhi Bank strategy to become a digital leader, enhancing capabilities and increasing efficiency by leveraging a single, end-to-end platform that can handle all the activities of our treasury business.”
“We aim to use MX.3 to improve customer experience and to add new and innovative products to our Sharia-compliant treasury portfolio.”
He added: “We are looking forward to a successful MX.3 implementation and long-term partnership with Murex.”
Philippe Helou, co-founder and managing partner at Murex commented: “We are delighted that Al Rajhi Bank has selected Murex to support their Islamic finance business.”
“With this signature, we are significantly expanding our presence in Saudi Arabia and the Gulf Cooperation Council. Following the successful and collaborative selection process, Murex is thrilled to start this project and I look forward to a successful partnership.”
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