Albaraka Banking Group has signed an agreement to use Misys Equation (Islamic) to streamline operations, improve the retail and Islamic banking services it provides its customers, and enable the bank to expand into new territories. The solution from Misys will be implemented in three of ABG’s subsidiary headquarters in Bahrain over the next 12 months and in Beirut and Durban thereafter, rolling it out at the same time across the three countries’ branch networks. The bank hopes that Misys Equation (Islamic) will help it cope with the increasing demand of its customers for products and services that strictly conform to Shari’a principles. Misys’s trade services solution, Misys Trade Innovation, and the company’s IFM Internet banking solution was also licensed as part of the deal.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
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Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.