Al Baraka to deploy Misys Equation Islamic Core Banking system

The Bahrain based leading Islamic Banking conglomerate the Albaraka Banking Group B.S.C. (ABG) today announced that it has finalized an Agreement with Misys on behalf of certain ABG Group members. According to this agreement ABG will be deploying Misys Equation Islamic core banking system.

The Chairman of the Board of Directors of ABG, Shaikh Saleh Abdulla Kamel said "We are very proud to see ABG advance steadily in achieving its development objectives which serve the communities in which it operates. We, with the grace of Allah, were successful in investing the proceeds of the initial public offering (IPO), which we launched last year, in expanding the business of all of our subsidiaries, and we are starting to reap the benefits of these prudent policies. We are confident that the coming period will show more clearly the results of the huge investments we made in our different units and operations including the implementation of the advanced technologies. We will also continue to cope with the new technology.

Via Al Bawaba.