KFH First Islamic Bank in Region to Implement a Full Automated (STP) in Treasury Dealing Activity

Spotlight
February 2017


Al-Nahedh: KeyTechnological Development Confirms KFH’s Pioneering Position

in Collaboration withPath Solutions and Thomson Reuters

Al-Roshood:Comprehensive System Improves Performance, Reduces Cost

Path Solutions:Collaborative Efforts with KFH to Boost Islamic Banking Efficiency

 

 

November 23, 2016 - “Kuwait Finance House(KFH) constantly endeavors to enhance its systems by deploying innovativesolutions, offering world class services and products in line with its strategyof benefiting from technology in all fields and businesses. This strengthensKFH’s position in the global markets, while contributes in achieving the bestprofitability,” said KFH-Group CEO Mazin Saad Al-Nahedh.

 

He added on the sidelines of launching fullautomated Straight Through Process (STP) in treasury dealing activity incollaboration with Path Solutions that has earned a stellar reputation inproviding state-of-the-art software solutions and services, and ThomsonReuters, that KFH is the first bank on the level of Islamic banks in the regionto have implemented a full automated (STP) in treasury dealing activity. Thisreiterates KFH’s keenness to maintain its pioneering position and prestigiousstatus as a global leading Islamic financial institution.

 

Al-Nahedh continued: “Straight ThroughProcess (STP) contributes in creating a paradigm shift in the activities oftreasury. The newly implemented solution will reduce all the manual work andwill certainly boost the bank’s operational efficiency.”

 

Meanwhile, Chief Treasury Officer,KFH-Group, Abdulwahab Alroshood stated that the successful implementation andGo Live of STP solution at KFH puts the bank at foremost Islamic financialinstitutions in the world and the pioneer in utilizing technologicaldevelopment in its banking operations.

 

He indicated that the system iscomprehensive and serves all functions in the treasury department. It improvesperformance, yet efficiently reduces cost and mitigates risk.

 

He further added that KFH is a role modelfor Islamic banks to follow suit, indicating KFH is a global leader in theIslamic financial services industry. He expressed his gratitude andappreciation to Path Solutions and Thomson Reuters teams for their dedicationand continuous support all through the deployment process. He extended his thanksto the Treasury and the IT staff at KFH in recognition of their efforts inimplementing this system.

 

Mohammed Kateeb, Group Chairman & CEO,Path Solutions, expressed his pride in collaborating with KFH, the worldleading Islamic financial institution, indicting “It was an honor to implementa new system at KFH. This system would encourage other Islamic banks to followsuit. When implementing the system we took into consideration achievingcomprehensive operational efficiency in a secure and accurate manner, whileproviding KFH users with real-time visibility and auto update of data,” Kateebconcluded.

 

For his part, Nadim Najjar, ManagingDirector, MENA, Thomson Reuters said “We take pride in launching this newsystem. KFH is the first Islamic bank in the GCC to benefit from the severalsolutions provided by the system. It contributes in addressing the bank’sambitious plan of expanding its businesses in an innovative manner. ThomsonReuters is committed towards supporting the banks and financial institutions inthe regions. It constantly participates in enhancing and offering new solutionsin effort to increase efficiency and ensure the best and optimal utilization ofsystems.”

 

Further details can be found here http://www.kfh.com/en/about/news/ArchiveNewsDetails.aspx?q=okcVzr8Hi3vTKSA4qXaoVQ==

 

November, 2017

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