KFH first Islamic bank in re­gion im­ple­ments full au­to­mated (STP) in trea­sury deal­ing ac­tiv­ity

In Col­lab­o­ra­tion with Path So­lu­tions and Thomson Reuters

Kuwait Times - - LOCAL -

KUWAIT: “Kuwait Fi­nance House (KFH) con­stantly en­deav­ors to en­hance its sys­tems by de­ploy­ing in­no­va­tive so­lu­tions, of­fer­ing world class ser­vices and prod­ucts in line with its strat­egy of ben­e­fit­ing from tech­nol­ogy in all fields and busi­nesses. This strength­ens KFH’s po­si­tion in the global markets, while con­trib­utes in achiev­ing the best prof­itabil­ity,” said KFH-Group CEO Mazin Saad Al-Na­hedh.

He added on the side­lines of launch­ing full au­to­mated Straight Through Process (STP) in Trea­sury deal­ing ac­tiv­ity in col­lab­o­ra­tion with Path So­lu­tions that has earned a stel­lar rep­u­ta­tion in pro­vid­ing state-of-the-art soft­ware so­lu­tions and ser­vices, and Thomson Reuters, that KFH is the first bank on the level of Islamic banks in the re­gion to have im­ple­mented a full au­to­mated (STP) in trea­sury deal­ing ac­tiv­ity. This re­it­er­ates KFH’s keen­ness to main­tain its pi­o­neer­ing po­si­tion and pres­ti­gious sta­tus a global lead­ing Islamic fi­nan­cial in­sti­tu­tion.

Na­hedh con­tin­ued: “Straight Through Process (STP) con­trib­utes in cre­at­ing a par­a­digm shift in the ac­tiv­i­ties of trea­sury. The newly im­ple­mented so­lu­tion will re­duce all the man­ual work and will cer­tainly boost the bank’s op­er­a­tional ef­fi­ciency.”

Mean­while, Chief Trea­sury Of­fi­cer-KFHGroup Ab­dul­wa­hab Al­ros­hood stated that the suc­cess­ful im­ple­men­ta­tion and Go Live of STP so­lu­tion at KFH puts the bank at fore­most Islamic fi­nan­cial in­sti­tu­tions in the world and the pioneer in uti­liz­ing tech­no­log­i­cal de­vel­op­ment in its bank­ing op­er­a­tions. He in­di­cated that the sys­tem is com­pre­hen­sive and serves all func­tions in the trea­sury depart­ment. It im­proves per­for­mance, yet ef­fi­ciently re­duces cost and mit­i­gates risk.

He fur­ther added that KFH is a role model for Islamic banks to fol­low suit, in­di­cat­ing KFH is a global leader in the Islamic fi­nan­cial ser­vices in­dus­try. He ex­pressed his grat­i­tude and ap­pre­ci­a­tion to Path So­lu­tion and Thomson Reuters teams for their ded­i­ca­tion and con­tin­u­ous sup­port all through the de­ploy­ment process. He ex­tended his thanks to the Trea­sury and the IT staff at KFH in recog­ni­tion of their ef­forts in im­ple­ment­ing this sys­tem.

Mo­ham­mad Kha­teeb Chair­man and CEO Path So­lu­tions ex­pressed his pride in col­lab­o­rat­ing with KFH, the world lead­ing Islamic fi­nan­cial in­sti­tu­tion, in­dict­ing it was an honor to im­ple­ment a new sys­tem at KFH. This sys­tem would en­cour­age other Islamic banks to fol­low suit. When im­ple­ment­ing the sys­tem we took into con­sid­er­a­tion achiev­ing com­pre­hen­sive op­er­a­tional ef­fi­ciency in a se­cure and ac­cu­rate man­ner, while pro­vid­ing KFH users with re­al­time vis­i­bil­ity and auto up­date of data, Kha­teeb con­cluded.

Mean­while, Nadim Na­j­jar, Man­ag­ing Di­rec­tor, MENA, Thomson Reuters said “we take pride in launch­ing this new sys­tem. KFH is the first Islamic bank in the GCC to ben­e­fit from the sev­eral so­lu­tions pro­vided by the sys­tem. It con­trib­utes in ad­dress­ing the bank’s am­bi­tious plan of ex­pand­ing its busi­nesses in an in­no­va­tive man­ner. Thomson Reuters is com­mit­ted to­wards sup­port­ing the banks and fi­nan­cial in­sti­tu­tions in the re­gions. It con­stantly par­tic­i­pates in en­hanc­ing and of­fer­ing new so­lu­tions in ef­forts to in­crease ef­fi­ciency and en­sure the best and op­ti­mal uti­liza­tion of sys­tems.

KFH-Group CEO Mazin Saad Al-Na­hedh, KFH Of­fi­cials and Of­fi­cials from Path So­lu­tions and Reuters

KUWAIT: Am­bas­sador of Bel­gium to Kuwait Andy De­taille hosted a re­cep­tion re­cently to cel­e­brate his coun­try’s Na­tional Day. Top state of­fi­cials, diplo­mats and other dig­ni­taries at­tended the event. —Photos by Joseph Sha­gra

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