GEC NEWS WIREThe Islamic Development Bank (IDB) is now fully delivering on its mandate to foster socio-economic development among its member countries due to transformation of its core banking technology, using SAP. Recognizing IDB’s digital transformation success, IDB has won “Best Implementation” at the Banker Middle East Industry Awards 2017. Judges praised IDB for having recently launched USD 745 million in development projects across 56 member countries in the Middle East, Africa, Asia, and Europe, and aims to become a world-class development bank in the Muslim world by 2019
Ahmed Al-Faifi, Managing Director of SAP Saudi Arabia, said: “IDB has made a paradigm shift in the way that it approaches banking. The bank has gone from legacy systems to real-time in only a few years of working with SAP, and has saved tens of millions of Saudi Riyals in the process. From analytics technology and development banking operations to finance and human resources, IDB is now operating on par with the world’s very best banks.”
Optimizing processes while reducing risks is central to success for all financial institutions. IDB has increased the urgency to outperform stakeholder expectations, in line with the ambitious objectives of its member countries, Al-Faifi added.
