THE Islamic Development Bank Group has recently signed a service agreement with Misys, the global provider of financial application software and services for Banking and Capital Markets, to enhance the Treasury and Investment Departments within the IDB Group.

Under the agreement, Misys will provide various solutions including Opics Plus, Opics Risk Plus, Sophis Value and Eagleye to enhance the capacity of the Treasury and Investment functions, in order to serve IDB’s clients more effectively and make its internal processes more efficient as part of IDB Group Business Enhancement and Systems Transformation (GBEST) Program.

By automating its internal processes and managing the treasury and investment operations on a single platform, the solutions will enable IDB to monitor and report risk exposure across the IDB Group.

The Misys solutions will fulfill the IDB Group treasury and investment needs for straight-through processing across the entire operations, including analysis, trade execution and risk management.

The agreement was signed at IDB Group headquarters in Jeddah by Dr. Ahmad Mohamed Ali, Chairman, IDB Group, and Michel Daenen, Managing Director of the capital markets business in Middle East and Africa at Misys.

Ibrahima Ndiaye, director, IT Department, said "in addition to its renowned capital market solutions, Misys has demonstrated a sound understanding of the Islamic Treasury and Investment markets’ which will be instrumental while implementing IDB’s requirements. This is a hugely significant program of transformation for Islamic Development Bank Group, and IDB has selected Misys as the partner to help it achieve this transformation."

Daenen said "Misys continue to invest and maintain our focus on the important Islamic market and the Islamic Development Bank Group shares the common goal of maximizing the use of technology to standardize processes and improve efficiency in order to maintain a competitive edge. Open, integrated, componentized solutions are in our DNA at Misys, supported by a dedicated professional services organization - all contributing to the best solution to IDB’s specific challenges."