included in this. The plan was then to review the requirement for enhancements once the system had been running for twelve months. Being a new bank, it had the luxury of writing its policies and procedures around the software as the implementation progressed, rather than having to adapt existing procedures.


The bank set up a ‘Go Live’ committee of 15 managers headed by Varghese to oversee not only the implementation of the iMAL system but also all other matters related to the opening of the new bank. The size of the task was reflected in the fact that the initial task list was made up of over 500 items.


Cut-over was set for February 2006 and this was met. Phase two commenced – primarily for treasury and corporate banking plus additional functions for front office management – but by early 2007 this part of the project was behind schedule, mainly as a need for additional enhancements to meet local market and regulatory requirements had been discovered. However, the implementation overall was within budget. By this time the bank’s emphasis was on stabilising the live system and completing implementation of phase two. As well as treasury and corporate banking processing, the bank was planning to add internet banking, straight-through processing for its Swift traffic and was seeking to complete development of an iMAL-Eximbills interface. While the bank’s volumes were small – 10,000 customers and 40,000 transactions per month in early 2007 – it had aggressive expansion plans. It had approval to expand from its current three branches to 40 branches within Kuwait. Varghese was happy that the system had the scalability to support this planned growth. In addition, this year the bank expected to look for an anti-money laundering solution and would be implementing mobile phone banking and stock market trading solutions. Varghese said that overall ‘the bank is well satisfied with the selection process’ despite the short-cuts that had to be taken to meet the deadlines for opening and the lack of Islamic banking experience among the new staff. He credited Path with the support and co-operation it had provided in enabling the bank to move forward and the bank had already acted as a reference site for the supplier. The market perceived Boubyan Bank as being able to offer a comprehensive range of retail customer services, Varghese said, thanks in large part to the functionality of the systems that had been implemented. He felt that the bank had been successful in presenting the image of a mature bank to the marketplace, despite the time


pressures staff were working under and the short-cuts in the systems project that this necessitated, in large part due to the level of co-operation between the bank and supplier, and the strength of the solutions implemented. A larger


taker, signing in early


2006, was Islamic


International Arab Bank (IIAB) in Jordan, a member of the Arab Bank group. The bank signed for Islamic core banking, branch automation, treasury, investment, corporate and consumer banking, and fund management. Bassam Elayyan, IIAB’s IT manager, said the new core system would replace an old in- house Cobol DOS-based solution. The plan was for eleven branches in Jordan to use the system, so too one branch in Qatar. ‘Early in 2005, IIAB started to build the RFP in order to get the best banking application in the market,’ said Elayyan. Making the shortlist were I-flex’s Flexcube, and another fairly common player in the region, UK/Jordan-based International Computer Systems (ICS) with its Banks system (which had been taken by Arab Bank for Syria late the previous year). The agreement with Path was signed in March 2006. ‘iMAL core system will be a centralised solution, supported by the SAF module to enable the decentralised option when required,’ said Elayyan. ‘It has to interface with different applications like the ATM, electronic cheque clearing, signature verification system, and Interactive Voice Response systems.’ Implementation was expected to take eight months. Jordan-based systems integration and software developer, Progress Soft, was recruited to support the interface to the electronic cheque clearing system. ‘But mainly it will be Arab Bank supporting the Swift interface, ATM interface, HR module.’


Universal Banking Systems Market Report | www.ibsintelligence.com


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