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Al Baraka Islamic Bank Goes Live With pennApps Islamic Finance Factory

By April 4, 2014 No Comments
pennApps Islamic Finance Factory empowers Al Baraka Islamic Bank, Bahrain to enhance their operational efficiency by automating the Islamic Financing Operations across Retail, Corporate, Commercial and Treasury business lines..

Apr 04, 2014 Hyderabad – Pennant Technologies, a leading provider of software services and products to some of the leading banks across Middle East, today announced that Al Baraka Islamic Bank , Bahrain, a leading Islamic Bank, has successfully implemented Customer Acquisition, Finance Origination and Finance Management modules of pennApps Islamic Finance Factory.

Al Baraka Islamic Bank, Bahrain implemented pennApps Islamic Finance Factory with aim of achieving complete automation of its financing operations of their finance products across retail, corporate, commercial and Treasury areas while complying with the sharia and regulatory requirements.

Being a comprehensive enterprise wide solution, pennApps Finance Factory will not only help Al Baraka in effectively managing the complete lifecycle of finance processing but also enables Al Baraka achieve product innovation and reduced time-to-market through its unique concept of functional factories.

Pradeep Varma, Director, Pennant Technologies says, “With the modularity and flexibility of the solution combined with its intelligent processing, we are sure this solution truly accommodates wide variety of Islamic finance products with unique, diverse needs and enables bank to effectively manage numerous operational activities that includes validations and verifications that differ from product to product that are intrinsic to Islamic banking operations.”

“The successful completion of the implementation in a record time of six months especially the smooth data migration with zero financial issues or customer complaints truly demonstrates the flexibility of the solution and the implementation capabilities of the teams involved in the project including the numerous implementation accelerators. We were able to achieve the mission with timely support and excellent coordination received from our client team.” – Says Rama Krishna Raju, CEO at 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).

About Pennant:
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.

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