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Following the kick-off meeting which was held earlier last month and where the project teams agreed to work closely over the next five months in order to ensure delivery of the project by October 2008, a signing ceremony was held in Kuala Lumpur to commemorate the awarding of the contract to Path Solutions.
Dato' K. Salman Younis, Managing Director of KFHMB, commented:
'The project will provide a platform to implement a fully-automated end-to-end processing treasury system for KFHMB. We have, within a short span of three years, rolled out various treasury products and established our presence in the local and international treasury markets.'
KFHMB Treasury Division undertakes a wide array of Treasury related activities such as foreign exchange and money market activities, Sukuk investments and trading and dealing in hedging products such as the FX Promissory contract-i, Ijarah Rental Swap and Cross Currency Ijarah Rental Swap.
'KFHMB Treasury has been very busy undertaking a growing number of increasingly sophisticated products and transactions. This is in response to customer demand. It has become imperative for us to have a robust system that will not only enable our treasury team to efficiently cater to a growing number of transactions but also respond more efficiently in volatile and uncertain markets,' added Dato' K. Salman Younis.
On the same occasion, Mr. Naji Moukadam, President of Path Solutions affirmed,
'We are delighted to partner with KFHMB for this strategic project. We are confident that our partnership will go a long way to meet KFHMB's strategic business needs. Our solution will offer truly differentiating benefits to KFHMB to achieve its long-term objectives.'
Mr. Moukadam added, 'Once again iMAL has reinforced its leadership and superior value proposition to large banks around the world.'
Path Solutions has implemented projects at KFH - Kuwait and KFH - Bahrain. This is the first time Path Solutions will facilitate the up-skill of KFHMB. KFHMB can also expect from Path Solutions' team to bring in knowledge and expertise in the global finance industry (both investment and commercial), latest technologies and continuous evolvement on how to implement these technologies and adapt them to today's banking industry.
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Posted by Eman Hassan
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