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Lebanon VideosAbout BML Istisharat
BML Istisharat, a leading core banking and insurance software provider in Lebanon, started as a consultancy company during the 1970s.
After the war broke out the local currency devalued and the market for consulting withered. However, the ingenuity of Lebanese businessmen helped to spin around the company and seek new opportunities outside Lebanon.
A devalued local currency and the success of Lebanese banking sector helped to devise a new strategy. BML Istisharat had to first dollarize the expenses, pushing the company abroad and second to re-orient itself to serve the infant boom of the banking and insurance sector.
Afterwards, the company then established the strategic partnerships with Oracle, IBM and other industry heavyweight that helped to propel BML Istisharat’s success to become the leading provider of core banking and insurance software in the Middle East.
Mr. Faddoul adds that the success story of BML Istisharat is far from being over: “BML Istisharat is now expanding to Malaysia and Russia while keeping presence at more mature markets of the West and Africa.”
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Lebanon VideosFuture of Cloud Computing in Banking Sector
A leading provider of core banking and insurance software based in Lebanon believes that the banking and insurance sector is not ready for cloud computing due to confidential nature of the business which is unlikely to change.
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Lebanon VideosCore Banking Trend: Convergence of Core Banking and Insurance Software
Joe Faddoul, CEO of BML Istisharat, a leading provider of core banking and insurance software based in Lebanon describes a new trend in the core banking and insurance software.
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Lebanon VideosStrategy of BML Istisharat
The strategy for the leading provider of core banking and insurance software is clear. To consolidate the market, grow in the emerging new markets and to be up to date with the technical standards.
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Lebanon VideosMain Advantages of BML’s Core Banking and Insurance Software
According to Joe Faddoul, CEO of BML Istisharat, a leading provider of core banking and insurance software based in Lebanon the name of the game in the core banking and insurance software industry is flexibility, parametrization, keeping the costs down and superior service.
He believes that Lebanese business model is poised to capitalize on the opportunities the globalization offers because it complies with these 3 attributes.
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Lebanon VideosChallenges of IT Sector in Lebanon
Despite the boom in Lebanese IT sector, the industry does face certain problems, says Joe Faddoul.
Lebanese IT sector shares the classic problems of IT industry: access to talented workforce does not exist despite the fact that Lebanon is a home of the best universities in the region.
Paradoxically, the biggest challenge when exporting the IT services and products is the legacy of war-torn country which Lebanon received after the wars of 1970s-90s.
Mr. Faddoul admits that people are concerned with stability in Lebanon and so need to be assured that their supplier will be able to deliver the products and services as agreed.
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Lebanon VideosImpact of Globalization on IT Companies
Joe Faddoul, CEO of BML Istisharat, a leading provider of core banking and insurance software based in Lebanon believes that globalization offers unprecedented opportunities for SMEs in the IT sector. Due to globalization the companies are opening up to new ideas, new suppliers and new business models – this creating a niche for agile IT companies.
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Lebanon VideosLebanon: IT Sector is Booming
Lebanon has many competitive advantages to develop its own home-made IT industry.
Joe Faddoul, a Lebanese IT entrepreneur talks about the IT sector in Lebanon, expectations from the government, local talent and tremendous growth through which the sector is going at the moment.
According to Mr. Faddoul, “Lebanese market cannot absorb all the IT and thus IT must be exported.”
True to his words, his own company – a leading supplier of core banking and insurance software – BML Istisharat is exporting almost 60% of the services to the U.S., Western Europe, the Middle East and lately to South East Asian markets and Russia.
Commenting on the growth of the Lebanese IT industry, Mr. Faddoul adds that BML Istisharat is growing at 16%-17% annually, which correlates with the industry growth rate of 25%, a figure supplied by Dal Hitti, General Manager of Association of Lebanese Software Industry.
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Lebanon VideosRussian Market for Core Banking Software
Russia’s 2000+ banks, that are currently trying to modernize and seeking to adopt the industry best practices, are a tremendous opportunity for suppliers of top notch core banking and insurance software like BML Istisharat.
According to Mr. Faddoul, Russian banks are trying to modernize and the fastest way of modernizing is to directly adopt core banking and insurance software.