Boubyan Bank Implementing MX.3 for Sharia-Compliant Treasury Activity Using MXGO
Accelerated go-live with packaged solution lowers total cost of ownership at leading Kuwait financial institution
KUWAIT and PARIS, May 10, 2023— Murex, the global leader in trading, risk and processing solutions for capital markets, is pleased to announce that Boubyan Bank, a leading Kuwait-based Islamic financial institution, is implementing MX.3 for Islamic Finance for its Sharia-compliant treasury activity using MXGO.
MXGO is a packaged, tailored treasury and trading solution based on MX.3 and designed by Murex for fast-growing local banks. Total cost of ownership is reduced through accelerated delivery. MXGO can be delivered on-premises, on the cloud or via a fully managed SaaS approach and leverages a long history of successful treasury implementations.
Boubyan shortlisted and selected the MX.3 integrating platform after a competitive process to identify the best fit for the bank.
Boubyan, which transitioned from its core banking system to run its treasury and capital markets activity, benefits from a front-to-back-to-risk solution that will facilitate delivery of new products to clients. Products covered include FX spot, forward Waad, FX swap, profit rate swaps, cross currency swaps and sukuks. The scope also includes collateral management, value at risk, accounting and hedge accounting.
“The implementation enables Boubyan to increase product offerings and pursue a robust growth strategy,” said Treasurer Adel Al Mutairi. “It is very much in line with our desire to maintain market leadership in innovation.”
Murex Managing Partner and Co-founder Phillipe Helou explained that MXGO will help Boubyan achieve fast, seamless implementation.
“Boubyan joins several prominent financial institutions in Kuwait that have chosen MX.3, and the latest dynamic local bank to use MXGO to achieve implementation,” said Philippe Helou. “We are pleased by the collaboration and look forward to a long, fruitful partnership.”
Boubyan Bank is a leading Islamic bank based in Kuwait, renowned for its excellence and dedication to customer service and its market leadership in innovation. Boubyan provides retail banking, corporate banking and wealth management services in accordance with provisions of the Noble Islamic Sharia.
The banking group is further comprised of four subsidiaries providing banking, investment and asset management, takaful insurance and property management activities.