AlBaraka Islamic Bank has announced that it has selected Misys Equation and Misys Trade Innovation for implementation across its 20 branches in Pakistan. The new contract builds on a number of previous contracts with the AlBaraka Banking Group (ABG) and Misys across Africa and the Middle East.
Shafqaat Ahmed, AlBaraka Islamic Bank's Country Head Pakistan said, "As part of our growth strategy involving conversion of our Pakistan Operations into an Islamic Bank registered in Pakistan, paving the way for significantly enhancing our branch network and customer outreach, AlBaraka Islamic Bank in Pakistan has chosen Misys Equation as its new banking system. This will support its growth and diversification and would provide us a common banking system platform with our parent company, AlBaraka Banking Group, Bahrain and subsidiary banking companies spread over 12 countries. AlBaraka Islamic Bank's choice of Misys Equation is based on Misys' ability and strength to fully support AlBaraka's Islamic Banking needs, its strong risk management and compliance policies and its need for strong parameterisation attributes in a system, to support the bank's ongoing efforts aimed at innovative new product development."
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