UAE-based RAKBANK Partners with Kamakura Solutions for Balance Sheet Management and Funds Transfer Pricing

UAE-based RAKBANK Partners with Kamakura Solutions for Balance Sheet Management and Funds Transfer Pricing
06.08.2018 05:27 am

UAE-based RAKBANK Partners with Kamakura Solutions for Balance Sheet Management and Funds Transfer Pricing

Risk Management

Kamakura Corporation reported today that UAE-based RAKBANK has signed an agreement to implement Kamakura's solutions for its balance sheet management and funds transfer pricing. The Bank has selected Kamakura's system after a comprehensive evaluation of available options. 

RAKBANK, also known as The National Bank of Ras Al Khaimah, is one of the most dynamic banks in the UAE. Founded in 1976, RAKBANK is a public joint stock company listed on the Abu Dhabi Securities Exchange (ADX) and headquartered in the emirate of Ras Al Khaimah, UAE. The Bank underwent a major transformation in 2001, shifting its focus from Corporate to Personal and Business Banking. Today, it offers a wide range of Personal and Business Banking services across its 38 branches, as well as telephone and digital banking. In addition, the Bank provides Sharia-compliant banking solutions via its Islamic Banking unit, RAKislamic.  

RAKBANK has won several awards, including:

-Best Technological Innovation in Payment, B2C by Seamless Awards 2018

-Dubai Quality Appreciation Award 2017

-Dubai Service Excellence Scheme Award 2017 

-Best Smart Service Transformation Initiative for Digital Banking App by Service Olympian Awards 2017

Commenting on the announcement, RAKBANK Chief Information Officer, Sanjay Khanna, said, "The selection of Kamakura's suite of balance sheet management and funds transfer pricing solutions was based on Kamakura's professional approach and the expertise its consulting staff demonstrated." 

Sanjay added, "What makes Kamakura's system unique for us are the great features of the balance sheet management, transfer pricing solution's advanced FTP metrics, including liquidity premiums and discounts, customer optionality, core and non-core balances, locked margins across tenors, and transfer pricing adjustments based on user-defined parameters. These solutions enabled us to leverage the overall performance and allowed us to view executive results down to the transaction level."

Dr. Clement Ooi, EVP and Managing Director of Asia-Pacific Operations for Kamakura, said, "RAKBANK has selected an integrated, holistic computation engine that enables it to be fully aware of its business unit, product, and customer profitability, as well as its liquidity and sensitive positions. It can now generate cash flow information at the transaction level. Results of forecasted simulations and transfer pricing can also be used in net income simulation and interest rate stress testing. In addition, the solution helps RAKBANK to be fully compliant with regulatory and executive reporting requirements."

"Kamakura is the global leader in integrated risk management systems, with customers in over 47 countries. We are uniquely positioned to provide the support clients need to optimize the value of our solutions both today and in the future. It was heartening to see RAKBANK choose Kamakura and successfully implement our products," added Dr. Clement. 

Kamakura's founder and CEO Dr. Donald van Deventer stated, "RAKBANK has consistently been ahead of its peers in risk management. Its selection of Kamakura after a comprehensive vendor evaluation proves that modular and integrated solutions offer distinct advantages over disparate systems. This project has resulted in a very accurate assessment of margins for the bank's business units. The fact that these can be modified based on a wide variety of scenarios means that the organization is now prepared for any adverse movements in market conditions." 

Martin Zorn, President and COO for Kamakura Corporation, said, "RAKBANK's successful implementation of the ALM and funds transfer pricing solution is important not just from a balance sheet and margin management standpoint, but also in the realm of integrated risk. The fact that there are other, similar projects not just in the UAE, but across the entire region, is a testament to the credentials of Kamakura's subject matter experts. Kamakura is well-positioned to meet the burgeoning regulatory demands imposed on financial institutions in the region and has the ability to keep pace with regulation. In fact, the region's newly-introduced risk regulation framework has been available in Kamakura Risk Manager for the past ten years."

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