Members from the BRSANALYTICS team were amongst those exhibiting at ABTEC. Occupying Stand B06, Enterprise Group Channel & Business Development Executive, Daniel Buttigieg and Regional Head of Sales & Marketing, Neil Bianco and Synergy Software Systems. Account Manager Hasan Kirmani had the opportunity to meet with over 400 delegates hailing from more than 20 countries.
During the ABTEC DEMO Programme, Daniel Buttigieg spoke about the solution’s core strengths. Among other things, he explained how BRSANALYTICS provides out-of-the-box reporting packs. This in turn allows key business users to reap immediate benefits from the automated process of report gathering and collation; in the specific format required by the regulator of that particular country.
Daniel also introduced audiences to SPIM – an integral part of the BRSANALYTICS offering that provides a proven technique for adopting a repeatable, tried and tested methodology for the implementation of BRSANALYTICS and designed to protect customers’ investment in the product.
Bahrain and the UK yesterday agreed a joint framework to enhance collaboration on Islamic finance at the UK-Bahrain Islamic Finance Summit held in London. A memorandum of understanding (MoU), signed by Senior Foreign Office Minister Baroness Sayeeda Warsi and Central Bank of Bahrain Governor Rasheed Al Maraj set out plans to boost co-operation through an education and skills programme and the establishment of a working group devoted to the development of Islamic finance-driven trade
Gulf banks posted double digit revenue growth last year, surpassing the performance of international peers, according to a new report by The Boston Consulting Group. The study showed that banking revenues in the region continued to grow and reach double digit rates in 2013 with a 10.7 percent increase, while profits increased by 10.3 percent, driven largely by international acquisitions. The report covers the largest banks in: Bahrain, Kuwait, Qatar, Oman, Saudi Arabia and in the UAE, and shows revenues of banks in Qatar grew by 20 percent while banks in the UAE returned to double digit growth overall. Saudi, Omani and Bahraini banks posted single digit growth rates – while banks in Bahrain enjoyed 30 percent profit increase and 19 percent in the UAE, banks in Kuwait had to cope with double digit reductions.
Leichtfuss : “….the banks that have a superior strategy and who were able to build strong business models and execute decisively, grow the strongest. This is of course easier said than done.” (Arabian Business)
ABTEC 2014 took place at a time when the region’s financial services industry is in the midst of an IT spending boom. According to international research firm IDC, IT spending in the Middle East is estimated to exceed US$32 billion in 2014, and the financial services sector is one of the biggest drivers of this spending.
“In an increasingly digital world, financial institutions must move away from legacy systems in order to deliver more value to the customer, while simultaneously meeting regulatory requirements and managing new risks”em> said Osama Al Khajah, Founder & President of Ebtikar Association, Chairperson of ABTEC 2014.
EDB Chief Economist, Dr. Jarmo Kotilaine, delivered a presentation entitled “Current trends in the regional financial services sector“, where he discussed the economic, regulatory, and market developments shaping the banking sector in the Middle East. He explored the effects of regulation and policies in the financial sector, with the stricter regulations recently introduced in the sector in response to the global crisis highlighted. New regulatory reforms, , most notably the Basel III standards, play an important role in forcing banks to adjust their operations. This has fueled the demand for alternative finding solutions. Also the rise of Sharia compliant transactions highlights the ongoing process of diversification and innovation in the sector.
