Manama, Bahrain (PRWEB) May 08, 2012
Ithmaar Bank, a leading Bahrain-based Islamic retail bank, has selected SunGard’s Ambit Risk & Performance Management solution to help it establish an enterprise-wide view of its risk. Ambit will give Ithmaar Bank a more detailed and centralized view of risk and liquidity across its different business areas to help the bank make better informed decisions, maximize returns and deliver banking products and services to its clients.
Ithmaar Bank will use Ambit for multi-dimensional analysis of the balance sheet, liquidity risk management, funds transfer pricing, profitability analysis and market risk management. It will also help the bank perform capital computation and consolidation across credit, market and operational risks. Additionally, Ambit will provide analytics and reporting to help Ithmaar Bank capture operational risk issues, control internal sign-off and measure the economic impact of risks.
Mohammed A. Rahman Bucheerei, chief executive officer and member of the board at Ithmaar Bank, said, “SunGard’s Ambit Risk & Performance Management will help us more efficiently manage our increasingly complex risk profile, as our business expands and stricter regulations come into force. Ambit will help us implement a best practice approach, helping us ensure that we are prudent in our decision-making, yet strategic for maximized returns. We selected SunGard because of the strength of the Ambit solutions, its deep industry expertise and the strong implementation and support infrastructure that SunGard has in place in the Middle East.”
Wissam Khoury, managing director for the Middle East at SunGard Financial Systems, said, “In today’s environment of continuing financial uncertainty, establishing a strategic risk management practice is critical in helping a bank to gain or sustain a competitive advantage. SunGard’s Ambit Risk & Performance Management helps financial institutions like Ithmaar Bank establish an integrated approach to measure and manage a full spectrum of risk across the enterprise, helping them reduce costs, improve the quality of risk information, meet regulatory requirements, and allocate capital more efficiently.”
About Ithmaar Bank
Ithmaar Bank B.S.C. (stock code “ITHMR”) is a Bahrain-based licensed Islamic retail bank that is regulated by the Central Bank of Bahrain and provides retail, commercial, treasury & financial institutions and other banking services.
Ithmaar Bank is a subsidiary of Dar Al-Maal Al-Islami Trust (DMI), and has a paid-up capital of US$701 million, total shareholders’ equity of $577 million and is listed on the Bahrain Bourse and the Kuwait Stock Exchange.
Ithmaar Bank, formerly an investment bank, completed in April 2010 a comprehensive reorganisation with its then wholly-owned subsidiary, Shamil Bank, to emerge as a premier Islamic retail bank.
Consequently, Ithmaar Bank now provides a diverse range of Sharia-compliant products and services that cater to the financing and investment needs of individuals and institutions.
Ithmaar currently operates a network of 14 full-service local branches and 34 Automated Teller Machines (ATMs) across Bahrain. As part of its far-reaching expansion plans, which have already seen the Bank expanding its network, improving its delivery channels and introducing new, customer-focused products and services, Ithmaar is set to open two more branches and four additional ATMs so that, by the end of 2011, the total number of branches and ATMs will be 16 and 38, respectively.
Ithmaar also maintains a presence in overseas markets through its subsidiaries, associated and affiliated companies. These include Faysal Bank Limited (Pakistan), Faisal Private Bank (Switzerland), Sakana Holistic Housing Solutions, Ithmaar Development Company Limited, Bahrain-based BBK, First Leasing Bank, Solidarity (an Islamic insurance company), Naseej and Ithraa Capital (Saudi Arabia).
About SunGard’s Ambit
SunGard's Ambit is a banking solution suite for retail, commercial and private banks. It provides banking professionals with solutions that support front-, middle- and back-office operations, as well as solutions for financial management, risk and performance. Ambit helps banks retain and acquire customers, improve staff efficiency and effectively measure and allocate their capital. For more information, visit http://www.sungard.com/ambit.
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