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GLOBAL BANKING TECHNOLOGY
Kuwait Finance House notches up Islamic banking first
Kuwait Finance House has become the first Islamic bank to implement Path Solutions’ iMAL*LiveFinancialMarkets
Islamic bank to be established in Kuwait, back in 1977. It is one of the leaders in the region, with an asset size of $54 billion in 2015. In addition to Kuwait, it operates through a network of branches in various countries in- cluding Bahrain, Malaysia, Turkey, Germany, Saudi Arabia and Jordan. It offers a complete suite of Islamic banking products and services via more than 430 branches.
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One of the major areas of concern for the bank was the fact that the commodity trade transaction process in its treasury function was completely manual, with an error rate of almost 15%. To address this, KFH management looked at a system that would automate the Straight Through Processing (STP) of treasury FX and money market deals. The challenge, however, was that no other Islamic banks in the world had adopted such a system, thus leaving KFH with no reference points.
uwait Finance House (KFH) was the first
Key facts • Bank: Kuwait Finance House • Assets: US$ 53,901m (2015) • Branches (#): 430+ • Location: Kuwait • Supplier: Path Solutions
• Solution implemented: iMAL*LiveFinancialMarkets
• Purpose: Automated Staight Through Processing (STP) in Treasury •Timeline: Three months
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