Extension move exercised by Arab Bank

The Amman-based Arab Bank which is the first private sector financial institution in the Arab World, with offices throughout the Middle East implemented the Misys Equation Islamic solution at its offices in Qatar.

The initiative provides the bank with unmatched Corporate Islamic banking capabilities. Besides, the bank can increase its offering to the fast-growing Islamic banking community in Qatar. Now Arab Bank is planning to adopt the solution across its operations in the GCC.

Having assets that exceed $47.1bn the bank is going to start its further adoption of the Islamic banking version of Equation with its Abu Dhabi branch which is expected to start in December 2008. Thus the presence of the bank in the Islamic Banking sector will be extended. By the end of the decade the sector is expected to be worth over $1,000bn.

"Misys and Arab Bank have a long history of successful partnership, and I am delighted we are enhancing that with our addition of the Islamic Equation service," comments Assistant Arab Bank CEO Michel Accad. "The Middle Eastern Shari'a banking industry is one of the world's great banking success stories and it is essential for Arab Bank to be supported by industry-leading technology as we continue to further expand our services across the region."