Murex Nets Two IBSi Global Fintech Innovation Awards

Fintech leader recognized for work with Alinma Bank, wins treasury, Islamic banking categories

PARIS, December 5, 2024—Murex is delighted to announce that its MX.3 platform implementation with Alinma Bank has earned two IBSi Global Fintech Innovation Awards. 

Murex and Alinma won in both the Best Treasury Implementation: Most Impactful Project, and Best Islamic Banking Implementation: Most Impactful Project award categories. 

“Alinma Bank is committed to providing innovative Sharia-compliant financial solutions to its customers, while complying with both Basel Committee regulatory requirements and ISO standards, including FRTB, BIM, and SA-CCR frameworks,” said Alinma Bank Executive Director, Treasury Excellence and Support Ramzi Mahdi AlShamasi. “We made the strategic decision to enhance treasury operations, and broaden derivatives and structured products activities, by leveraging a comprehensive treasury management system. We’re honored our MX.3 platform implementation has been recognized in this way by IBSi.” 

Alinma Bank has expanded its Sharia-compliant product offerings through the launch of a fully-fledged derivatives trading desk, able to develop and deploy new products with a rapid time-to-market to drive business growth. 

Successful platform implementation came as a result of strong commitment and effective project governance by Alinma and Murex. Teams were aligned on strategy and scope, fostering close collaboration and meticulous planning throughout each project phase, including scoping, testing, validation and go-live.

Murex provided proactive support through onsite consultation and leveraged its deep market experience to ensure that deliverables were of the highest quality and that implementation completed within the targeted project timeframe. For its part, Alinma fully mobilized its project teams, whose dedication resulted in development of requisite MX.3 competency for both the implementation phase and the ongoing management of the MX.3 platform. 

“We have over 15 customers engaged in trading Islamic products across the Middle East, Africa and Asia-Pacific regions,” said Murex Senior Business Development Manager Marc Farah. “Our MX.3 for Islamic Finance solution enhances operational efficiency through automated post-trade processes and provides a preconfigured solution that adheres to Shariah standards. We look forward to continuing our journey with Alinma Bank, which is now well-positioned to implement additional products.” 

Alinma’s partnership with Murex exemplifies its strategic approach to forging strong relationships with technology partners whose packaged solutions, deep expertise and best practices further advance Alinma’s position within its market. Alinma’s ultimate objective is to provide comprehensive solutions to all customers, with Murex as a backbone, enabling the bank to achieve its risk and return objectives. 

Learn more about MX.3 for Islamic Finance and Murex's embedded training program, conducted with Alinma Bank staff.