KFH First Islamic Bank in Region to Implement a Full Automated (STP) in Treasury Dealing Activity

  • Islamic Finance
  • 24.11.2016 07:30 am

“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 as a global leading Islamic financial institution.

Al-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, KFH-Group, 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 Solutions 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.

Mohammed Kateeb, Group Chairman & 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 real-time visibility and auto update of data,” Kateeb concluded.

For his part, 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 effort to increase efficiency and ensure the best and optimal utilization of systems.”

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