Kuwait Finance House Malaysia Berhad, a wholly-owned subsidiary of Kuwait Finance House has appointed Path Solutions to be its key IT partner for the supply of its Treasury service needs.
iMAL*IslamicTreasury will enable the Treasury Division of KFHMB to benefit from its Straight Through Processing feature, requiring minimal human intervention, thus eliminating the manual processes involved in day-to-day operations and reporting.
Following the kick-off meeting which was held earlier last month and where the project teams agreed to work closely over the next five months in order to ensure delivery of the project by October 2008, a signing ceremony was held in Kuala Lumpur to commemorate the awarding of the contract to Path Solutions.
The project will provide a platform to implement a fully-automated end-to-end processing treasury system for KFHMB. We have, within a short span of three years, rolled out various treasury products and established our presence in the local and international treasury markets, says Dato K. Salman Younis, managing director, KFHMB.
KFHMB Treasury has been very busy undertaking a growing number of increasingly sophisticated products and transactions. This is in response to customer demand. It has become imperative for us to have a robust system that will not only enable our treasury team to efficiently cater to a growing number of transactions but also respond more efficiently in volatile and uncertain markets, adds Salman Younis.
We are delighted to partner with KFHMB for this strategic project. We are confident that our partnership will go a long way to meet KFHMBs strategic business needs. Our solution will offer truly differentiating benefits to KFHMB to achieve its long-term objectives, says Naji Moukadam, president, Path Solutions.
Once again iMAL has reinforced its leadership and superior value proposition to large banks around the world, adds Moukadam.