BML Istisharat: A leading provider of Core Banking solutions signs new contracts in Lebanon and expands to Iraq
BEIRUT, December 2014 -- BML Istisharat, a leading provider of Banking, Insurance and ERP software, continues to supply international financial institutions with their leading core banking software solutions, insurance software solution as well as ERP software. The company already works with more than 300 corporations globally, including fortune-500 companies, such as Citibank and Swiss Life.
BML Istisharat has recently added a new contract to that list. After much accomplishment using the system, BLC Investment’s mother company, BLC Bank, decided to implement the same. The company successfully signed on BLC Bank to follow in the footsteps of BLC Investment, and is now a user of the Integrated Computerized Banking System (ICBS). Other companies in Beirut using ICBS to support their operations include IBL Invest and Arab Investment Bank.
BML Istisharat has also recently deployed their Industrial Manufacturing And Distribution system (IMAD) for corporations in Lebanon and Iraq. IMAD is a modular software package that supports the financial, administrative, production, and distribution activities of Manufacturing and Distribution companies. IMAD was first applied in 1981. Today, it successfully runs in over 100 firms in different sectors, (including chemicals, food & beverage, pharmaceutical, and automotive) across the globe. Al Moudawi, an Iraqi pharmaceutical distribution company based in Erbil is now live with IMAD.
"We remain focused on emerging markets and expect more contracts and training agreements close to year end. Our priority is to maintain strong presence in our existing markets and to develop and solidify our position in Iraq and Malaysia."
The company is currently training their clients on their innovative software solutions. BSN Bank, in Kuala Lumpur, sent a team to attend training on ICBS Deposit, BDS, Payment, Loans and Interfaces earlier this year. Invest Bank in Beirut completed their training for IMAD Payroll Management module in April. Central Bank of Iraq, located in Baghdad, participated in training on ICBS Branch Management in June. Furthermore, the International Bank of Somalia (IBS), in Mogadishu, had their training on ICBS Core, Standing Instructions, Utility Bills, and Inward/Outward transfers, which was completed in the end of June in Mogadishu.
With Al Moudawi and Central Bank of Iraq, BML Istisharat has now 11 clients in Iraq: 8 banks, 1 Insurance and 2 commercial companies, a promising emerging new market. The Iraqi expansion is in line with the companies’ vision to become the leading provider of core banking software solutions globally.
Commenting on the above achievements, Joe Faddoul, CEO of BML Istisharat said, “we are very happy about the recent agreements that demonstrate the success of our international strategy. We remain focused on emerging markets and expect more contracts and training agreements close to year end. Our priority is to maintain strong presence in our existing markets and to develop and solidify our position in Iraq and Malaysia.”
BML Istisharat’s innovative thinking and ingenuity have been a vital factor in their ability to proper in an ever-changing economy. The company lately developed mobile applications for both Android and IOS devices (mobile phones, tablets…). First implementation in banks is projected in Quarter 1, 2015. The company has proven time and time again that they are the leaders in their industry with their advanced core banking software and solutions. As the list of their clientele grows, as does the quality of their products and services. BML Istisharat will continue to be a partner of choice for financial information systems.
BML Istisharat has been delivering core banking and insurance software since 1972. The company’s core banking and insurance software solutions are running on the computers of more than 300 clients worldwide, including fortune 500 companies such as Citibank, SociétéGénérale, BanquePopulaire, Swiss Life, Gazprombank. According to International Banking Systems (IBS) – UK sales leagues table (2013) -- industry's leading ranking --, out of top 92 banking systems, BML Istisharat is currently number 9 globally, ranking the company amongst the leading Core Banking Systems vendors.