pennApps Finance Factory to streamline the management of Retail, Corporate and Commercial Islamic finance products covering the origination, finance management and collections for Al Baraka Islamic Bank, Bahrain…
July 20, 2013 Hyderabad – Pennant Technologies, a leading provider of software services and products to some of the leading banks across Middle East, announced that Al Baraka Islamic Bank , Bahrain, has selected its pennApps Finance Factory solution to streamline the management of its retail, corporate and commercial finance products.
pennApps Finance Factory is seen as a next-generation native Islamic finance solution. Al Baraka Islamic Bank, Bahrain selects the pennApps Finance Factory’s Origination, Finance Management and Collection Modules to automate the business operations of their finance products across retail, corporate and commercial areas.
Pradeep Varma, Director, Pennant Technologies says, “We truly understand the operational challenges faced by the Islamic banks in accommodating for and effectively managing a variety of Islamic finance products with unique, diverse needs, all in a single system. This, at times, forces banks to adopt manual workaround.”
Being a comprehensive enterprise wide solution, pennApps Finance Factory will help Al Baraka effectively streamline the complete life cycle of the finance processing and its modular features addressing unique needs of retail, corporate and commercial finance products.
“It’s been a long journey for our team. The extensive and exhaustive evaluation process adopted by Al Baraka gave us an excellent opportunity to demonstrate the complete functionality of the system, especially the unique Factory concept, its flexibility and adaptability. Designed and built on an agile, next generation sophisticated technology architecture, we are sure Finance Factory will offer a perfect combination of intelligent processing automation that will give Al Baraka the technological edge in offering innovative products with better packaging and customer centric services, placing it several leaps ahead of competition”- says Rama Krishna Raju, CEO of Pennant.
About Albaraka Bank, Bahrain:
Al Baraka Islamic Bank – Bahrain (AIB – Bahrain) established 1984 in Bahrain and up the years has pioneered the development of Islamic banking and finance. AIB – Bahrain with a longstanding track record of delivering excellence, innovation and superior results, the Bank ranks among the leading providers of Islamic investment banking products and services to a growing global clientele, focused exclusively on the development and delivery of unique investment solutions of Sharia’s compliant. AIB – Bahrain is one of the Banking Units of Al Baraka Banking Group’s (ABG).
Pennant Technologies, dynamic and innovative software solutions and services company offers comprehensive suite of end-to-end business driven technology services and next generation software products covering all the functional areas of BFSI vertical. Pennant offers the right-fit and next generation products that address the unique requirements of banking. The suite of offerings includes Islamic Finance Factory, Cross Sell, Customer Communication Manager, Notification Manager, Retail Lending Factory, Direct Debit, Host Integrator, Utility Bill Pay and Business Continuity.
Pennant’s suite of solutions and services encompasses Enterprise Application Integration Services, Application Services comprising Application design, development, maintenance services and Consulting services comprising IT consulting and Business Continuity Management services.
Pennant empowers its customers to effectively address their business challenges with its deep domain expertise backed with excellent insights of local market dynamics and leveraging the latest technology advancements.