Al Rajhi Bank signs for Murex treasury tech
Treasury and capital markets (TCM) tech specialist Murex has signed Al Rajhi Bank, one of the world’s largest Islamic banks, for its flagship MX.3 platform.
“With new regulatory demands, Al Rajhi Bank also wanted to modernise its system landscape and build a coherent strategy for regulatory compliance and internal risk management,” Murex explains. The new solution will ensure compliance with Basel regulations, including SA-CCR and FRTB.
The vendor says it was selected “for its unparalleled local presence and regional knowledge, proven track record of successful project implementations and personalised support model.” Also, its support of, and investment in, new technologies contributed to the bank’s decision in Murex’s favour, it adds.
It is understood MX.3 platform will replace a solution from Italy-based technology provider Trasset International. The bank started working with Trasset a decade or so ago on various TCM projects in Saudi Arabia, Malaysia and other countries in the Middle East and Asia, including replacing the Kondor+ treasury solution supplied by Thomson Reuters (now part by Finastra).
Abdulrahman El Fadda, general manager treasury at Al Rajhi Bank, says the new project with Murex is part of the bank’s strategy to become “a digital leader”. Creating a single, end-to-end platform that can handle all the activities of its treasury business will enhance capabilities, increase efficiency and improve customer service, he adds.
Philippe Helou, co-founder and managing partner at Murex, describes the system selection process as “successful and collaborative” and says his firm is “thrilled to start this project”. The deal will help the vendor significantly expand its presence in Saudi Arabia and the GCC region, Helou notes.
Established in 1957, Al Rajhi Bank has total assets of SAR 343 billion ($ 90 billion), 780+ branches (and 152 dedicated ladies branches), nearly 4,900 ATMs, 76,321 POS terminals installed with merchants and 204 self-service kiosks. It employs over 9,600 people, and boasts “the largest customer base of any bank in the Kingdom”.