Al Rajhi Bank Selects Murex for Its Islamic Finance Business
- Murex’s MX.3 platform will help the bank to optimize and prepare for the future of Islamic finance -
Paris, France, 15 October 2018 - Murex, a global leader in trading, risk and back-office solutions for the capital markets and Al Rajhi Bank, the largest Islamic bank in the world, are pleased to announce that Murex’s MX.3 platform has been selected to support the bank’s evolving Islamic finance activities and to meet the demands of local and international regulators.
With new regulatory demands, Al Rajhi Bank also wanted to modernize their system landscape and build a coherent strategy for regulatory compliance and internal risk management. MX.3 will allow the bank to more effectively manage risk and comply with demanding Basel regulations, including SA-CCR and FRTB.
Murex was selected for its unparalleled local presence and regional knowledge, proven track record of successful project implementations and personalized support model. In addition, Murex’s high level of investment in new technologies and the latest architecture were also deciding factors.
Speaking about the new project, Abdulrahman El Fadda, General Manager Treasury at Al Rajhi Bank, says, “We are pleased to partner with Murex to implement their MX.3 treasury solution at Al Rajhi Bank. This initiative is part of ARB’s strategy to become a digital leader, enhancing capabilities and increasing efficiency by leveraging a single, end-to-end platform that can handle all the activities of our treasury business. We aim to use MX.3 to improve customer experience and to add new and innovative products to our Sharia-compliant treasury portfolio. We are looking forward to a successful MX.3 implementation and long-term partnership with Murex.”
Philippe Helou, Co-founder and Managing Partner at Murex says, “We are delighted that Al Rajhi Bank has selected Murex to support their Islamic finance business. With this signature, we are significantly expanding our presence in Saudi Arabia and the GCC. Following the successful and collaborative selection process, Murex is thrilled to start this project and I look forward to a successful partnership.”