Boubyan Bank implements Murex’s MX.3 platform for Sharia-Compliant Treasury Activity

By Leandra Monteiro

Murex, a global leader in trading, risk and processing solutions for capital markets, announced that Boubyan Bank, a Kuwait-based Islamic financial institution, is implementing MX.3 for Islamic Finance for its Sharia-compliant treasury activity using MXGO.

MXGO is a packaged, tailored treasury and trading solution based on MX.3 and designed by Murex for fast-growing local banks. The total cost of ownership is reduced through accelerated delivery. MXGO can be delivered on-premises, on the cloud or via a fully managed SaaS approach and leverages a long history of successful treasury implementations.

Boubyan, which transitioned from its core banking system to run its treasury and capital markets activity, benefits from a front-to-back-to-risk solution that will facilitate the delivery of new products to clients. Products covered include FX spot, forward Waad, FX swap, profit rate swaps, cross currency swaps and sukuks. The scope also includes collateral management, value at risk, accounting and hedge accounting.

“The implementation enables Boubyan to increase product offerings and pursue a robust growth strategy,” said Treasurer, Adel Al Mutairi. “It is very much in line with our desire to maintain market leadership in innovation.”

Murex, Managing Partner and Co-founder, Phillipe Helou explained that MXGO will help Boubyan achieve fast, seamless implementation. “Boubyan joins several prominent financial institutions in Kuwait that have chosen MX.3, and the latest dynamic local bank to use MXGO to achieve implementation. We are pleased by the collaboration and look forward to a long, fruitful partnership.”