Murex announced that Kuwait’s Boubyan Bank has completed MX.3 platform implementation for Sharia-compliant treasury activity.
Boubyan aimed for a scalable treasury solution capable of meeting current and future business needs, aligned with international and standard best practices. The bank is also committed to providing innovative Sharia-compliant financial solutions with an accelerated time-to-market, and enhanced risk management and analytics capabilities.
“We have succeeded in transforming our IT landscape with a solution that will facilitate new product delivery to our clients,” said Boubyan treasurer Adel Al Mutairi, in a statement. “Creativity and innovation are core to Boubyan Bank’s business model. We aim to reinforce this value through innovative digital and electronic banking services, most of which are offered for the first time in Kuwait.”
As Islamic finance evolves, technology is key to realize the full potential of Islamic treasury products and shape a more robust and efficient financial ecosystem. The implementation of Sharia-compliant banking practices varies significantly depending on the country and financial institution, and Murex has demonstrated a strong capability to adapt to these differences.
More than 60% of Murex’s clientele consists of bank treasuries of varying sizes, with over 15 clients engaged in trading Islamic products across the Middle East, Africa, and Asia Pacific regions.
“The growth of Islamic finance in today’s challenging regulatory and legal landscape is pushing institutions offering Sharia-compliant products to innovate, streamline operations, and enhance risk management,” said Marc Farah, senior business development manager at Murex, in a statement. “The MX.3 for Islamic Finance solution provides banks with a competitive edge. It not only offers a comprehensive catalog of Sharia-compliant payoffs, but also optimizes operational efficiency through automated post-trade processes and a preconfigured setup. We are confident that financial institutions in Kuwait and the region will see similar success with the implementation of our solution.”
Sequel, a Murex associate partner, played a key role in the implementation process, including system integration, migration from legacy systems, and user acceptance support. Its team is also providing first-level support following the go-live.