SHAH ALAM: Bank Islam Malaysia Bhd is investing about RM54mil to remodel its 90 branches nationwide in line with the bank’s revamped corporate identity.
The branch re-branding exercise is part of the bank’s transformation programme implemented last September following two years of financial difficulties.
Managing director Datuk Zukri Samat said he expected the re-branding exercise to elevate the bank’s corporate image and change perception of the bank as one that catered solely to Muslims customers to one that was meant “for everybody”.
“We are looking to grow our non-Muslim customer base, which currently stands at 10% of the bank’s one million customers,” he said at the launch of Bank Islam’s new corporate identity yesterdayat its first remodelled branch in Shah Alam.
The re-branding exercise, to be completed in 12 months, will see another 20 branches remodelled by year-end.
Minister in the Prime Minister's office Datuk Dr Abdullah Md. Zin and Bank Islam Malaysia Bhd managing director Datuk Zukri Samat at the official launch of Bank Islam's New corporate identity and new remodelled Shah Alam branch opening on Tuesday.
Zukri said the bank had spent about RM1mil on transforming the Shah Alam branch into its flagship outlet. Remodelling the other branches is expected to cost an average RM600,000 per branch.
“We believe this new brand positioning will help Bank Islam stay competitive in the face of growing competition locally and regionally, and help achieve the bank’s vision, which is to be a global leader in Islamic Banking.”
On the bank’s transformation programme, he said it had to be carried out in stages.
“We are fixing a moving aeroplane, so we cannot fix all the engines in one go,” he said.
Zukri also said as part of cost rationalisation, the bank was considering outsourcing some of its non-critical business units like ATM services.
He also said the bank’s information technology system, which had been in place for the past 15 years, was not “robust enough to move the bank forward and compete” and would be upgraded at an estimated cost of RM100mil.
Moving forward, Zukri said the bank expected next month to sign a “mutually beneficial partnership” with a European bank to develop syariah-based products.
http://biz.thestar.com.my/news/story.asp?file=/2007/8/22/business/18661825&sec=business
Wednesday, December 19, 2007
Risk-based capital deadline by 2009 (October 30, 2007)
KUALA LUMPUR: Insurance companies must implement the risk-based capital (RBC) framework by Jan 1, 2009, Bank Negara deputy governor Datuk Zamani Abdul Ghani said yesterday.
He said the RBC framework, aiming to create a strong risk management culture, started its parallel run in 2007 with a two-year timeframe but insurers who were ready would be allowed by the central bank to implement it next year.
“The implementation of the RBC framework will give more flexibility if the (insurance) operator is good,” he told reporters at the 23rd Pacific Insurance Conference here.
The new requirement is to facilitate more efficient capital structures and provide greater investment flexibility to insurers without compromising on prudential standards.
Under the risk-based regulatory regime, responsibility for the implementation of risk management, market conduct governance and assessment of risks and management of the financial conditions of an insurer, will increasingly rest with its board of directors and senior management.
Earlier, Zamani said the insurance industry, including the takaful sector, recorded a combined premium growth of nearly 10% for both life and general segments to reach RM13bil in the first half of this year.
He said the assets of life and general insurance funds registered a double-digit growth of 14% to RM116bil as at June 30 this year, up from 11% in the previous corresponding period.
On the takaful industry, Zamani said the market penetration level remained low, with less than 5% in many Muslim countries and 6.8% in Malaysia, thus providing significant market potential that remained untapped. – Bernama
http://thestar.com.my/news/story.asp?file=/2007/10/30/business/19314963&sec=business
He said the RBC framework, aiming to create a strong risk management culture, started its parallel run in 2007 with a two-year timeframe but insurers who were ready would be allowed by the central bank to implement it next year.
“The implementation of the RBC framework will give more flexibility if the (insurance) operator is good,” he told reporters at the 23rd Pacific Insurance Conference here.
The new requirement is to facilitate more efficient capital structures and provide greater investment flexibility to insurers without compromising on prudential standards.
Under the risk-based regulatory regime, responsibility for the implementation of risk management, market conduct governance and assessment of risks and management of the financial conditions of an insurer, will increasingly rest with its board of directors and senior management.
Earlier, Zamani said the insurance industry, including the takaful sector, recorded a combined premium growth of nearly 10% for both life and general segments to reach RM13bil in the first half of this year.
He said the assets of life and general insurance funds registered a double-digit growth of 14% to RM116bil as at June 30 this year, up from 11% in the previous corresponding period.
On the takaful industry, Zamani said the market penetration level remained low, with less than 5% in many Muslim countries and 6.8% in Malaysia, thus providing significant market potential that remained untapped. – Bernama
http://thestar.com.my/news/story.asp?file=/2007/10/30/business/19314963&sec=business
Tuesday, December 4, 2007
Smooth merger for Allianz (December 4, 2007)
By DALJIT DHESI
PETALING JAYA: Allianz Malaysia Bhd (AMB), which tomorrow marks the 100th day of its acquisition of Commerce Assurance Bhd (CAB), will focus on three main areas to ensure the success of this integration.
Chief executive officer Alexander Ankel said the three core areas were branch relocation, information technology and human resources.
With the completion of the acquisition of CAB on Aug 28, the company now has three subsidiaries – the other two being Allianz General Insurance Co (M) Bhd (AGIC) and Allianz Life Insurance Malaysia Bhd.
With the acquisition, AMB is now the country's second-largest general insurer with about 10% market share and an expected premium income of RM1bil by year-end. It currently has 56 branches: 34 for Allianz and 22 for CAB.
“We have relocated and integrated 10 branches and hope to do (the same for) another seven by the end of January. The entire process is expected to be finalised in six months,'' Ankel said in an interview.
Synergising the IT infrastructure would also offer a uniformed platform for customers in the business and significantly reduce turnaround time for insurance documents and add value to both agents and customers, he added.
He said AMB had introduced electronic agent systems to support its motor business and make its branches one-stop service centres for customers.
Ankel said the company was also streamlining the policy printing and distribution in CAB and AGIC to facilitate the issuance of motor policies on the spot and provide customers with the necessary insurance documents of all other lines of business within 14 days.
On the human resources side, he said AMB placed great importance on communication, transparency and sincerity during the integration, as these were vital factors in any integration exercise.
“That is why I committed myself to visiting each CAB branch to meet all their staff, major agents and some CIMB bank branches.
“This is to clearly communicate one strategy and one direction to all our new colleagues. This whole visiting was done within the first 30 days of the acquisition,” he said.
Ankel said AMB, under a 10-year bancassurance agreement with CIMB Bank, could also tap the bank's 4.5 million customer base and 393 branches nationwide to sell its bancassurance products.
He said with a total agency force of about 8,000, AMB would also continue to grow its broking and bancassurance portfolios.
PETALING JAYA: Allianz Malaysia Bhd (AMB), which tomorrow marks the 100th day of its acquisition of Commerce Assurance Bhd (CAB), will focus on three main areas to ensure the success of this integration.
Chief executive officer Alexander Ankel said the three core areas were branch relocation, information technology and human resources.
With the completion of the acquisition of CAB on Aug 28, the company now has three subsidiaries – the other two being Allianz General Insurance Co (M) Bhd (AGIC) and Allianz Life Insurance Malaysia Bhd.
With the acquisition, AMB is now the country's second-largest general insurer with about 10% market share and an expected premium income of RM1bil by year-end. It currently has 56 branches: 34 for Allianz and 22 for CAB.
“We have relocated and integrated 10 branches and hope to do (the same for) another seven by the end of January. The entire process is expected to be finalised in six months,'' Ankel said in an interview.
Synergising the IT infrastructure would also offer a uniformed platform for customers in the business and significantly reduce turnaround time for insurance documents and add value to both agents and customers, he added.
He said AMB had introduced electronic agent systems to support its motor business and make its branches one-stop service centres for customers.
Ankel said the company was also streamlining the policy printing and distribution in CAB and AGIC to facilitate the issuance of motor policies on the spot and provide customers with the necessary insurance documents of all other lines of business within 14 days.
On the human resources side, he said AMB placed great importance on communication, transparency and sincerity during the integration, as these were vital factors in any integration exercise.
“That is why I committed myself to visiting each CAB branch to meet all their staff, major agents and some CIMB bank branches.
“This is to clearly communicate one strategy and one direction to all our new colleagues. This whole visiting was done within the first 30 days of the acquisition,” he said.
Ankel said AMB, under a 10-year bancassurance agreement with CIMB Bank, could also tap the bank's 4.5 million customer base and 393 branches nationwide to sell its bancassurance products.
He said with a total agency force of about 8,000, AMB would also continue to grow its broking and bancassurance portfolios.
Wednesday, November 21, 2007
Maybank banks on new online service (November 21, 2007)
KUALA LUMPUR: Malayan Banking Bhd (Maybank) expects its trade finance sector to contribute 20% to the group's revenue in financial year ending June 30, 2009 (FY09), following the introduction of its new online trade finance service.
The e-trade finance service, expected to be rolled out in April next year, is anticipated to contribute 20% to the group's revenue in its first year of implementation, and 25% for subsequent years, said senior executive vice-president, head of business banking Rozidin Masari after the signing ceremony for online trade finance services between Maybank and HCL (Malaysia) Sdn Bhd on Wednesday.
Rozidin said the trade finance sector contributed 16%-17% to the group's revenue for the last financial year.
At present, Maybank has more than 17,000 customers utilising its trade finance facilities, with about 3,000 business customers registered with Maybank2e.net, an integrated online enterprise cash management financial portal.
"We aim to convert 10% of our Maybank2e.net customers in the first year of rollout to use this service and to grow it by 30% each year," said Rozidin.
The online trade finance services via Maybank2e.net would "enable customers to utilise and monitor their trade financing activities and status online anywhere, anytime" said chief operating officer Datuk Johar Che Mat.
The new e-trade service, targeted at small-medium enterprises (SMEs) is expected to further enhance Maybank's present SME market, said Rozidin.
"We anticipate double-digit growth in SMEs and the commercial market for the financial year ending June 30, 2008 (FY08)," he added, in spite of only 1.1% growth in SME loans in its first quarter results ended Sept 30, 2007.
http://thestar.com.my/news/story.asp?file=/2007/11/21/business/20071121161739&sec=business
The e-trade finance service, expected to be rolled out in April next year, is anticipated to contribute 20% to the group's revenue in its first year of implementation, and 25% for subsequent years, said senior executive vice-president, head of business banking Rozidin Masari after the signing ceremony for online trade finance services between Maybank and HCL (Malaysia) Sdn Bhd on Wednesday.
Rozidin said the trade finance sector contributed 16%-17% to the group's revenue for the last financial year.
At present, Maybank has more than 17,000 customers utilising its trade finance facilities, with about 3,000 business customers registered with Maybank2e.net, an integrated online enterprise cash management financial portal.
"We aim to convert 10% of our Maybank2e.net customers in the first year of rollout to use this service and to grow it by 30% each year," said Rozidin.
The online trade finance services via Maybank2e.net would "enable customers to utilise and monitor their trade financing activities and status online anywhere, anytime" said chief operating officer Datuk Johar Che Mat.
The new e-trade service, targeted at small-medium enterprises (SMEs) is expected to further enhance Maybank's present SME market, said Rozidin.
"We anticipate double-digit growth in SMEs and the commercial market for the financial year ending June 30, 2008 (FY08)," he added, in spite of only 1.1% growth in SME loans in its first quarter results ended Sept 30, 2007.
http://thestar.com.my/news/story.asp?file=/2007/11/21/business/20071121161739&sec=business
Tuesday, November 20, 2007
Syarikat Takaful counts on new system (November 20, 2007)
By DALJIT DHESI
KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (STMB) is upbeat on turning in higher earnings and revenue for the fiscal year ending June 30 (FY08), thanks to its new operating system.
Group managing director Datuk Hassan Kamil said the company anticipated net profit and revenue to surge by 20% and 25% respectively for FY08.
He added that the new system would help boost revenue and enable it to manage the group's capital structure more efficiently. It will also hasten the development and the launching of new products.
For FY07, STMB's group net profit stood at RM24.8mil on RM1.1bil in revenue against net profit of RM36.5mil and revenue of RM969.1mil in FY06.
Hassan said at company level, STMB posted a lower net profit of RM15.8mil for FY07 compared with RM28mil previously.
The lower profit was mainly due to the less profitable general takaful fund and higher management and operating expenses, he said.
According to Hassan, general takaful is less profitable due to an increase in claims, in particular, for motor and fire classes.
STMB, he said was currently reviewing these classes of Islamic insurance in a bid to improve its claims ratio.
Another reason for the lower general takaful profits was the increase in additional operating expenses relating to bad and doubtful debts.
The increase in management and operations expenses was because of the accelerated depreciation on its main operating system, which was due for replacement.
On the family (life) takaful business, Hassan said it had performed quite well compared with the previous year, posting a higher surplus transfer to the shareholders’ funds of RM121mil from RM71mil previously.
http://thestar.com.my/news/story.asp?file=/2007/11/20/business/19487438&sec=business
KUALA LUMPUR: Syarikat Takaful Malaysia Bhd (STMB) is upbeat on turning in higher earnings and revenue for the fiscal year ending June 30 (FY08), thanks to its new operating system.
Group managing director Datuk Hassan Kamil said the company anticipated net profit and revenue to surge by 20% and 25% respectively for FY08.
He added that the new system would help boost revenue and enable it to manage the group's capital structure more efficiently. It will also hasten the development and the launching of new products.
For FY07, STMB's group net profit stood at RM24.8mil on RM1.1bil in revenue against net profit of RM36.5mil and revenue of RM969.1mil in FY06.
Hassan said at company level, STMB posted a lower net profit of RM15.8mil for FY07 compared with RM28mil previously.
The lower profit was mainly due to the less profitable general takaful fund and higher management and operating expenses, he said.
According to Hassan, general takaful is less profitable due to an increase in claims, in particular, for motor and fire classes.
STMB, he said was currently reviewing these classes of Islamic insurance in a bid to improve its claims ratio.
Another reason for the lower general takaful profits was the increase in additional operating expenses relating to bad and doubtful debts.
The increase in management and operations expenses was because of the accelerated depreciation on its main operating system, which was due for replacement.
On the family (life) takaful business, Hassan said it had performed quite well compared with the previous year, posting a higher surplus transfer to the shareholders’ funds of RM121mil from RM71mil previously.
http://thestar.com.my/news/story.asp?file=/2007/11/20/business/19487438&sec=business
Tuesday, November 6, 2007
Malaysia's Islamic Banking at Full Tilt
LONDON, 5 November 2007 — Hong Leong Islamic Bank (HLIB) in Malaysia is a bank with a difference. It is not your archetypal Islamic bank owned by Muslim Malay shareholders or any of the government agencies. It is part of a diversified industrial conglomerate involved in financial services, real estate, manufacturing and the hotel sector, primarily owned by one Malaysian Chinese family, which owns 65 percent of the group.
In Malaysia's fast-growing Islamic finance sector, HLIB, owned by one of the most conservative but diversified financial services groups in the country, Hong Leong Bank (HLB) Group, is making waves and in some respects leading the sector, especially in Islamic mortgages and insurance (Takaful).
"The ownership of the bank has not made any difference. This is a sensible market. The customers are interested in products with quality of service and price. We service all customers irrespective of ethnic background or religion. We are not selling according to religious belief, but according to quality products at the right price. I recently read that Bank Islam Malaysia would like to attract the local Chinese market. This shows you how the Islamic banking industry is crisscrossing the ethnic and religious divide," Khalid Bhaimia, managing director of HLIB, said.
In reality, and perhaps uniquely in Malaysia, non-Muslims are major uptakers of Islamic finance products. Banks such as HLIB, OCBC, and even the Malaysian cooperative bank, Bank Rakyat, report a 70 percent uptake by Chinese customers, for instance, of Islamic financial products.
When HLIB got its full Islamic banking license from Bank Negara Malaysia, the central bank, in March 2005, it initially focused on retail banking and financing small-and-medium-sized enterprises. Before that HLIB operated as an Islamic window at HLB till March 2005.
The current strategy, according to Bhaimia, is to transform HLIB into a full service Islamic bank, with greater emphasis on wholesale banking - corporate finance, investment banking and wealth management. Takaful is an important part of this services strategy. Indeed the bank has established a joint venture, Hong Leong Tokio Marine Takaful, with Japan's Tokio Marine Insurance Company, one of the world's largest insurance companies.
Tokio Marine is targeting the Islamic insurance markets and has already set up similar ventures in Dubai, Singapore, Indonesia, and Saudi Arabia.
In the Kingdom, Tokio Marine is joining forces with SAMBA Financial Services Group, and is in the process of establishing a Takaful joint venture following its license approval from SAMA. According to Atsuhiko Ayabe, General Manager, Research and Development, Hong Leong Tokio Marine Takaful, the group is also exploring Takaful joint ventures in other GCC and Middle East markets.
Malaysia's Islamic banking sector is going through a massive transformation. There are 9 Islamic banks including three foreign-owned ones. Three local windows Maybank, Public Bank and Alliance Bank will also go down the subsidiary route. Foreign banks such as HSBC, Standard Chartered and Citibank are also seeking Islamic banking licenses. The Malaysia Islamic Financial Center (MIFC) is also attracting offshore players.
HLIB's Bhaimia is confident that the Islamic banking sector will achieve the 20 percent market share target of the total banking system by 2020 set by the Malaysian government. He is also confident that the local sector will attract growing funds from the GCC countries. The recent signing of the Iskandar Development Region first phase investment involves a total of $1.2 billion investment from Kuwait Finance House, Dubai's Millennium International Corporation, Mubadala Investments and Aldar Properties - both from Abu Dhabi.
HLIB has a capital of RM500 million and a net worth RM600 million, which makes its risk weighted capital ratio (RWCR) about 17 percent. "Because we are a very conservative bank, our portfolio is extremely clean," Bhaimia said. "Our non-performing financing (NPF) assets are less than 1 percent, which is one of the lowest in the sector. We tend to look at a long-term sustainable model. When we decided to switch from a retail to full service banking model, we brought in teams to ensure the viability of the model to profitability." HLIB said it has one of the widest distribution networks in the country through HLB's 185 branches, through electronic banking and telemarketing.
Bhaimia is not overly concerned about the brain drain of Islamic bankers from Malaysia to the GCC countries. This brain drain is slowing down, and Malaysian Islamic bankers are no longer moving merely because of financial incentives, but because of a desire to progress in their career and gain experience through learning. "Many of the new generation of Islamic bankers in Malaysia are prepared to sacrifice some of the financial incentive in order to learn more about Islamic banking. Historically people moved primarily for financial reasons only," Bhaimia said, who was formerly the CEO of Dallah Albaraka (UK) Limited.
HLIB has a 60-strong staff who manage RM6.5 billion in total assets.
Bhaimia sees four major developments in the sector over the next year or so. There will be more product innovation in all areas, although such products take time to develop and roll out. The knowledge of market players, investors and consumers of Islamic banking will expand. Malaysian Islamic banking will go more cross-border, with Middle East transactions coming to the region, and Malaysian transactions going to the GCC. And Islamic banking education and training will proliferate much more.
"The Islamic banking sector in Malaysia now employs more than 9,000 people. Universities in Malaysia offer degrees and programs. I am optimistic that a year down the road we will have a more knowledgeable market place," Bhaimia added.
http://www.arabnews.com/?page=6§ion=0&article=103193&d=5&m=11&y=2007
In Malaysia's fast-growing Islamic finance sector, HLIB, owned by one of the most conservative but diversified financial services groups in the country, Hong Leong Bank (HLB) Group, is making waves and in some respects leading the sector, especially in Islamic mortgages and insurance (Takaful).
"The ownership of the bank has not made any difference. This is a sensible market. The customers are interested in products with quality of service and price. We service all customers irrespective of ethnic background or religion. We are not selling according to religious belief, but according to quality products at the right price. I recently read that Bank Islam Malaysia would like to attract the local Chinese market. This shows you how the Islamic banking industry is crisscrossing the ethnic and religious divide," Khalid Bhaimia, managing director of HLIB, said.
In reality, and perhaps uniquely in Malaysia, non-Muslims are major uptakers of Islamic finance products. Banks such as HLIB, OCBC, and even the Malaysian cooperative bank, Bank Rakyat, report a 70 percent uptake by Chinese customers, for instance, of Islamic financial products.
When HLIB got its full Islamic banking license from Bank Negara Malaysia, the central bank, in March 2005, it initially focused on retail banking and financing small-and-medium-sized enterprises. Before that HLIB operated as an Islamic window at HLB till March 2005.
The current strategy, according to Bhaimia, is to transform HLIB into a full service Islamic bank, with greater emphasis on wholesale banking - corporate finance, investment banking and wealth management. Takaful is an important part of this services strategy. Indeed the bank has established a joint venture, Hong Leong Tokio Marine Takaful, with Japan's Tokio Marine Insurance Company, one of the world's largest insurance companies.
Tokio Marine is targeting the Islamic insurance markets and has already set up similar ventures in Dubai, Singapore, Indonesia, and Saudi Arabia.
In the Kingdom, Tokio Marine is joining forces with SAMBA Financial Services Group, and is in the process of establishing a Takaful joint venture following its license approval from SAMA. According to Atsuhiko Ayabe, General Manager, Research and Development, Hong Leong Tokio Marine Takaful, the group is also exploring Takaful joint ventures in other GCC and Middle East markets.
Malaysia's Islamic banking sector is going through a massive transformation. There are 9 Islamic banks including three foreign-owned ones. Three local windows Maybank, Public Bank and Alliance Bank will also go down the subsidiary route. Foreign banks such as HSBC, Standard Chartered and Citibank are also seeking Islamic banking licenses. The Malaysia Islamic Financial Center (MIFC) is also attracting offshore players.
HLIB's Bhaimia is confident that the Islamic banking sector will achieve the 20 percent market share target of the total banking system by 2020 set by the Malaysian government. He is also confident that the local sector will attract growing funds from the GCC countries. The recent signing of the Iskandar Development Region first phase investment involves a total of $1.2 billion investment from Kuwait Finance House, Dubai's Millennium International Corporation, Mubadala Investments and Aldar Properties - both from Abu Dhabi.
HLIB has a capital of RM500 million and a net worth RM600 million, which makes its risk weighted capital ratio (RWCR) about 17 percent. "Because we are a very conservative bank, our portfolio is extremely clean," Bhaimia said. "Our non-performing financing (NPF) assets are less than 1 percent, which is one of the lowest in the sector. We tend to look at a long-term sustainable model. When we decided to switch from a retail to full service banking model, we brought in teams to ensure the viability of the model to profitability." HLIB said it has one of the widest distribution networks in the country through HLB's 185 branches, through electronic banking and telemarketing.
Bhaimia is not overly concerned about the brain drain of Islamic bankers from Malaysia to the GCC countries. This brain drain is slowing down, and Malaysian Islamic bankers are no longer moving merely because of financial incentives, but because of a desire to progress in their career and gain experience through learning. "Many of the new generation of Islamic bankers in Malaysia are prepared to sacrifice some of the financial incentive in order to learn more about Islamic banking. Historically people moved primarily for financial reasons only," Bhaimia said, who was formerly the CEO of Dallah Albaraka (UK) Limited.
HLIB has a 60-strong staff who manage RM6.5 billion in total assets.
Bhaimia sees four major developments in the sector over the next year or so. There will be more product innovation in all areas, although such products take time to develop and roll out. The knowledge of market players, investors and consumers of Islamic banking will expand. Malaysian Islamic banking will go more cross-border, with Middle East transactions coming to the region, and Malaysian transactions going to the GCC. And Islamic banking education and training will proliferate much more.
"The Islamic banking sector in Malaysia now employs more than 9,000 people. Universities in Malaysia offer degrees and programs. I am optimistic that a year down the road we will have a more knowledgeable market place," Bhaimia added.
http://www.arabnews.com/?page=6§ion=0&article=103193&d=5&m=11&y=2007
Tuesday, October 23, 2007
AmBank to upgrade from Temenos Globus to Temenos T24 (23rd October 2007)
By http://www.cbronline.com/article_news.asp?guid=7D329531-DA55-43F1-B681-9DC0FC327FBF
Temenos Group, a provider of integrated core banking systems, has announced that Malaysia-based AmBank is planning to upgrade from Temenos Globus to Temenos T24 to support its Kuala Lumpur operations.
Temenos will install the core T24 functionalities on HP Unix servers using JBase database software. Temenos will also carry out development work to cater for the bank's local requirements.
With Temenos T24, (T24) the bank will benefit from the technical foundation required to grow its treasury and corporate banking operations. The upgrade will enable the bank to reduce the time to market for its new Islamic treasury banking products.
T24 is a thin client, scalable, integrated, modular banking system. It is built on open system principles and uses established technology standards such as HTTP, XML and HTML. It will offer a single client view across the enterprise and can support large numbers of users with true non-stop resilience.
Teng Choy, director of group treasury at AmBank, said: "Temenos' technology has served us well over the last seven years. With the enlarged business, we need to ensure our systems continue to meet our growing and changing requirements. We're keen to extend our partnership with Temenos and have chosen to adopt T24, which will enable us to quickly introduce new products to the market, including our Shariah-compliant products offering."
http://www.cbronline.com/article_news.asp?guid=7D329531-DA55-43F1-B681-9DC0FC327FBF
Temenos Group, a provider of integrated core banking systems, has announced that Malaysia-based AmBank is planning to upgrade from Temenos Globus to Temenos T24 to support its Kuala Lumpur operations.
Temenos will install the core T24 functionalities on HP Unix servers using JBase database software. Temenos will also carry out development work to cater for the bank's local requirements.
With Temenos T24, (T24) the bank will benefit from the technical foundation required to grow its treasury and corporate banking operations. The upgrade will enable the bank to reduce the time to market for its new Islamic treasury banking products.
T24 is a thin client, scalable, integrated, modular banking system. It is built on open system principles and uses established technology standards such as HTTP, XML and HTML. It will offer a single client view across the enterprise and can support large numbers of users with true non-stop resilience.
Teng Choy, director of group treasury at AmBank, said: "Temenos' technology has served us well over the last seven years. With the enlarged business, we need to ensure our systems continue to meet our growing and changing requirements. We're keen to extend our partnership with Temenos and have chosen to adopt T24, which will enable us to quickly introduce new products to the market, including our Shariah-compliant products offering."
http://www.cbronline.com/article_news.asp?guid=7D329531-DA55-43F1-B681-9DC0FC327FBF
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