PR Resource – Muarateweh.net

Kuwait Finance House (KFH), one of the world’s leading Islamic Finance institutions, has implemented SunGard’s Ambit Risk & Performance Management solution to handle all forms of risk management across the KFH Group.

(Vocus/PRWEB ) — Kuwait Finance House (KFH), one of the world’s leading Islamic Finance institutions, has implemented SunGard’s Ambit Risk & Performance Management solution to handle all forms of risk management across the KFH Group. The solution was selected due to its ability to meet the requirements of Basel II and the Central Bank of Kuwait (CBK), as well as meet new and existing international accounting standards and Islamic banking standards.

The information technology sector of KFH (KFH IT) went through a rigorous 18 month due diligence process analyzing different suppliers. In order to fulfill KFH’s risk management needs, KFH IT evaluated various solutions that addressed the different selection criteria on enterprise risk management. The solution had to be able to estimate and follow up different types of risks, and be able to assist decision makers by providing them with various reports to tackle all credit, operational, market and liquidity risks.

In addition, the solution had to be a cutting edge integrated enterprise risk & performance management solution with a vendor fully committed to a long-term relationship with KFH. It was also important that the chosen solution was able to manage the risks across KFH’s operations in different countries, using different IT resources and communication structures in a timely manner.

Dr. Waleed Al-Hasawi, assistant general manager of KFH IT at Kuwait Finance House, commented: “The success we found with Ambit at our subsidiary in Bahrain, combined with SunGard’s strong presence and domain expertise in the Middle East, has led to our commitment with SunGard to bring the solution to our head offices in Kuwait. SunGard’s Ambit solution has been rapidly implemented to what we view as world-class standards. Ambit’s Basel II management module was implemented within three months, and the operational risk management module in less than two months. This was thanks to the full commitment and support of all the different departments including the senior management within KFH. We feel that Ambit is the best choice to support our continuing business growth.”

Andi Hug, group vice president for SunGard’s Ambit Risk & Performance business unit, commented, “SunGard will help KFH to assess the impact of economic factors on the bank, such as fluctuations in exchange rates, using a comprehensive approach that takes into account a full spectrum of risks and performance criteria. The solution suite also offers the bank a full management reporting and decision support platform. Our relationship with Kuwait Finance House illustrates SunGard’s commitment to evolving our support and development capabilities for customers in the Middle East.”

About Kuwait Finance House
Since the 1980′s, KFH has witnessed multi-activity in international expansion. It has established independent banks in Turkey, Bahrain, and Malaysia. Moreover, it has stakes in other Islamic banks. Its investment activities in South East Asia and the Middle East contributed tremendously to achieving the ever-growing profit of KFH, in collaboration with the world’s leading companies and banks, such as Citibank, Deutsche Bank JP Morgan, Chase, BNP Parisbas, ABN Amro, HSBC, and Islamic Development Bank (IDB). KFH provides a wide range of Islamic Shari’a compliant products and services, covering banking, real estate, trade finance, investment portfolios, and other products and services. For more information, visit http://kfh.com/english/index.asp

About Ambit
SunGard’s Ambit is a banking solution suite for retail, commercial and private banks. It provides banking professionals with solutions that support front-, middle- and back-office operations, as well as solutions for financial management, risk and compliance. Ambit helps banks improve customer service management, streamline business processes, comply with regulations and capture growth opportunities. For more information, visit www.sungard.com/ambit.

About SunGard
SunGard is one of the world’s leading software and IT services companies. SunGard serves more than 25,000 customers in more than 70 countries.

SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software.

With annual revenue exceeding $5 billion, SunGard is ranked 435 on the Fortune 500 and is the largest privately held business software and services company on the Forbes list of private businesses. Based on information compiled by Datamonitor*, SunGard is the third largest provider of business applications software after Oracle and SAP. Continuity, Insurance & Risk has recognized SunGard as service provider of the year an unprecedented six times. For more information, please visit SunGard at www.sungard.com.

*2009 Technology Vendors Financial Database Tracker http://www.datamonitor.com

Trademark Information: SunGard, the SunGard logo and Ambit are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.