Murex bags two IBSi Global FinTech Innovation Awards for work with Alinma Bank

By Gloria Methri

Murex has announced that its MX.3 platform implementation with Alinma Bank has earned two IBSi Global FinTech Innovation Awards. Murex and Alinma won in the Best Treasury Implementation: Most Impactful Project and Best Islamic Banking Implementation: Most Impactful Project award categories.

“Alinma Bank is committed to providing innovative Sharia-compliant financial solutions to its customers while complying with both Basel Committee regulatory requirements and ISO standards, including FRTB, BIM, and SA-CCR frameworks,” said Alinma Bank Executive Director, Treasury Excellence and Support Ramzi Mahdi AlShamasi. “We made the strategic decision to enhance treasury operations and broaden derivatives and structured products activities by leveraging a comprehensive treasury management system. We are honoured our MX.3 platform implementation has been recognized in this way by IBSi.”

Alinma Bank has expanded its Sharia-compliant product offerings through the launch of a fully-fledged derivatives trading desk, able to develop and deploy new products with a rapid time-to-market to drive business growth.

Murex provided support through onsite consultation and leveraged its market experience to ensure that implementation was completed within the targeted project timeframe. For its part, Alinma fully mobilised its project teams, who developed requisite MX.3 competency for both the implementation phase and the ongoing management of the MX.3 platform.

“We have over 15 customers engaged in trading Islamic products across the Middle East, Africa and Asia-Pacific regions,” said Murex Senior Business Development Manager Marc Farah. “Our MX.3 for Islamic Finance solution enhances operational efficiency through automated post-trade processes and provides a preconfigured solution that adheres to Shariah standards. We look forward to continuing our journey with Alinma Bank, which is now well-positioned to implement additional products.”

Alinma’s partnership with Murex exemplifies its strategic approach to forging strong relationships with technology partners whose packaged solutions, deep expertise and best practices further advance Alinma’s position within its market. Alinma’s ultimate objective is to provide comprehensive solutions to all customers, with Murex as a backbone, enabling the bank to achieve its risk and return objectives.