International Bank of Somalia Adopts e-Banking module from BML Istisharat
The International Bank of Somalia (IBS) has recently signed with BML Istisharat, a top core banking and insurance solutions provider based in Lebanon, for its e-Banking software services. The bank, open as of October 2014, is the first international banking institution in Somalia in over 20 years, and the first to partner with Swift to bring global services to the country.
Written by Autumn Siegel
The International Bank of Somalia (IBS) has recently signed with BML Istisharat, a top core banking and insurance solutions provider based in Lebanon, for its e-Banking software services. The bank, open as of October 2014, is the first international banking institution in Somalia in over 20 years, and the first to partner with Swift to bring global services to the country.
The Mogadishu-based bank, already an ICBS user, acquired the e-Banking module for account management, statements, and transfers. The move further shores up the bank’s commitment to transparency in a market saturated with hawala transfer companies catering to the Somalian diaspora sending remittances from abroad after the government’s 1991 collapse.
After African Union peacekeepers stabilized the urban areas, including coastal Mogadishu, IBS is helping to revive the country’s economic sector. The company lists agricultural and fishery loans as one of its top priorities, but IBS also undertakes retail, corporate (including SME), and investment banking activities.
“We are always happy to engage in these partnerships through the world. The deal solidifies BML Istisharat’s position as the one of the leading suppliers of core banking and insurance software in the emerging countries in Africa, the Middle East, South East Asia and elsewhere,” said Joe Faddoul, CEO of BML Istisharat. “We are constantly updating our systems, strengthening our offerings for our partners in the US, Western Europe, the Middle East, and beyond.”
“We are constantly updating our systems, strengthening our offerings for our partners in the US, Western Europe, the Middle East, and beyond.”
BML Istisharat’s Oracle-based products have been internationally recognized for their scalability, security, and accuracy. The company recently finalized a number of other major contracts with world banks.
Eskan Bank out of Bahrain signed a contract for core banking services and administrative modules for July 2016 on its Oracle/Unix platforms. The bank deals primarily in property development and mortgages. BML Istisharat beat out Temenos, and 3i Infotech for the core banking bid. “BML Istisharat’s core banking products offer superior quality for a reasonable price as compared to major global competitors,” said Faddoul.
Guinea’s Banque de Développement de Guinée (BDG- a bank established by the Guinean government back in 2010/11 to alleviate poverty and to develop domestic industries) will also adopt BML Istisharat’s core banking services to begin in January 2016. Commenting on the deal, Faddoul added, “We are very proud of the deal. This gives BML Istisharat a presence in Guinea, a country with an economy that is sure to rocket up.”
“We are very proud of the deal. This gives BML Istisharat a presence in Guinea, a country with an economy that is sure to rocket up.”
Bank of Erbil (Erbil) went live with the Human Resources module from IMAD in June 2015 and Al Mawarid Bank (Lebanon) went live with Shares and Bonds modules of ICBS in June 2015.
BML Istisharat is recognized as a top choice for banking, insurance, and manufacturing sectors, with their advanced software solutions. BML works with more than 300 leading corporations globally, including fortune-500 companies, such as Citibank, Banque Populaire, AXA, and many more. Due to BML’s innovative thinking and quality products and services, the company is preferred time and time again over its competitors worldwide.