In order to ensure full service continuity, the solution can easily redirect card requests from one branch to another, and it also retains central issuance as a back-up system. The high level of reliability of the complete solution has already enabled Al Rajhi to issue half a million EMV chip cards on-the-spot to customers over the last six months.

“Gemalto was able to meet our needs for both the more sophisticated cards and the complete issuance services,” said Dr. Abdullah Al-Namlah, Retail General Manager, Al Rajhi Bank. “Al Rajhi has been delivering payment cards at the branch for years so when we determined to switch to EMV, we naturally selected the partner with the broadest experience in EMV instant issuance solutions globally.”

“Advanced banking solutions and services are key to our growth strategy”, added Philippe Cambriel, Executive Vice-President at Gemalto. “We are pleased with this successful deployment with Al Rahji Bank, which illustrates nicely the performance of our Instant Issuance solution, and demonstrates once again our expertise in EMV card systems and their successful deployment. It is rewarding for us to see that this nationwide program has visibly benefitted the bank and projected a first-class image to its customers.”

1 Dynamic Data Authentication (DDA), offers a dynamic security feature which helps to reduce fraud by detecting counterfeit and duplicate cards

View Dexxis Instant Issuance video: http://www.gemalto.com/financial/solutions/issuance_video.html

This marks the debut Islamic finance facility for JBF RAK, a specialist polymer manufacturer focused on PET polymer resin chips (chips) and BOPET film products (films). It is a leader in the Middle East region with a market share of over 20% in chips and film products.

The financing will be used to expand JBF RAK production in Ras Al Khaimah including the purchase of new machinery and equipment and to optimize its debt profile by introducing Islamic term funding.

JBF RAK is a subsidiary of JBF Industries, a global industry leader, specialized in the manufacturing of polyester chips. JBF Industries is listed in India and its products cater to the textile manufacturing industry, PET bottle manufacturing and polyester film manufacturing industries.

ADIB acted as initial Mandated Lead Arranger, Sole Bookrunner, and Investment and Security Agent Bank for the deal while National Bank of Fujairah acted as Mandated Lead Arranger.

Commenting on the financing, Tirad Mahmoud, CEO of ADIB, said: “We are pleased to deepen our relationship with JBF RAK further. Providing this customized Islamic Financing solution will help it optimize its funding and meet long term strategic objectives. This transaction confirms ADIB’s experience in structuring Islamic Finance Facilities and Sukuk transactions, through its dedicated and experienced team.”

About ADIB:

Abu Dhabi Islamic Bank (ADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Emiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999.

ADIB’s vision is to be a top-tier, global Islamic financial services group and its mission is to provide Islamic financial solutions to the global community.

The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari’a principles.

ADIB’s core values, reflected in all its activities are: Simple and Sensible; Transparent; Mutual Benefit; Hospitality and Tolerance; and Shari’a inspired. It brings to its customers banking as it should be.

ADIB – Awards:

1.ADIB was named the “Best Overall Bank in the UAE in customer service” for 2011 by Ethos Consultancy
2.ADIB won the” Best Branch Award in the UAE” for 2011 by Ethos Consultancy
3.ADIB was named the “Best Islamic Bank in the UAE” for 2011  by Global Finance Magazine
4.ADIB was named Best Islamic Bank by Business Banking and Finance Magazine
5.ADIB won Best Corporate Bank by Business Banking and Finance Magazine
6.ADIB was named “The Best Islamic Bank” in the Middle East region for the second year running at the Banker Middle East Industry Awards 2011.
7.ADIB was nominated as “Fastest Growing Bank in the UAE” by the awards jury at the Banker Middle East Industry Awards 2011.
8.ADIB was named “The Best Islamic Bank in the region” in the Middle East at the Banker Middle East Industry Awards 2010
9.ADIB won the “Best Islamic Bank in the region” at the 2010 Islamic Banking and Finance Awards organized by CPI Financial.
10.ADIB was named “Best Islamic Bank in the UAE” at the Islamic Finance News Awards 2010.
11.ADIB won the best Islamic bank in the UAE by EMEA Finance.
12.ADIB won the “Best UAE Deal” award at the Islamic Finance News Awards 2010.
13.ADIB also won the “HRD Award” from the Emirates Institute of Banking & Financial Studies.
14.ADIB’s GHINA saving program won the “Best Savings Account Award” at the Banker Middle East Product Awards 2010.
15.ADIB won the “Best Private Sector Customer Service Team” award at the 2010 UAE Customer Service Week forum, held by The International Customer Service Institute UK.
16.ADIB won the “Most Improved Bank” in service excellence and got the top rank in “Call Centre Performance” in the 6th Annual Bank Benchmarking Index for service excellence by Ethos Consultancy.
17.ADIB also won the award for “Best Branding Category” at the 2010 Islamic Banking and Finance Awards organized by CPI Financial.
18.ADIB won the “Best SME Card” at the 4th Annual Banker Middle East Product Awards 2011.
19.ADIB won the “Best Ladies Banking Service” at the 4th Annual Banker Middle East Product Awards 2011.

Net profit for 2011 increased to Dhs1.01bn, compared to a net profit before restatement of Dhs806m in 2010.

DIB’s net profit for 2010 has been adjusted due to the restatement of the results of an associate company.

DIB’s total assets as of December 31, 2011, stood at Dhs90.59bn compared to Dhs89.8bn at the end of the same period in 2010. The bank’s customer base continued to expand in 2011, with customer deposits reaching Dhs64.77bn as of December 31, 2011, a year-on-year increase of 2.15.

The bank’s core business grew in 2011, with income from financing and investing assets and investment sukuks reaching Dhs3.96bn, a year-on-year increase of 10.2%.

As of December 31, 2011, DIB reported a robust Basel II capital adequacy ratio of 18.2%, and a Tier I Capital ratio of 13.7%.

“Dubai Islamic Bank continued to perform strongly in a year of continued global economic uncertainty,” said His Excellency Mohammed Ibrahim Al Shaibani, Director-General of His Highness The Ruler’s Court of Dubai and Chairman of Dubai Islamic Bank.

“These positive results show the bank’s strong liquidity position and stable funding base. The bank’s prudent focus on diversification and managed growth has ensured the interests of all stakeholders are safeguarded, and enabled DIB to make a meaningful contribution to the economic growth of the UAE.”

In 2011, the bank continued with its ambitious plans to expand its physical presence across the UAE, opening seven new branches, including the bank’s first stand-alone Al Islami Private Banking branch. DIB also expanded the alternative banking channels available to customers with the launch of its Express Banking Terminals, giving customers 24-hour access to a wide range of banking services usually only available in branch, online or through phone banking.

“Through our focus on innovation and expansion, DIB has reinforced its position as the UAE’s leading Islamic bank,” said Abdulla Al Hamli, Chief Executive Officer of DIB.

“By continuing to successfully combine traditional Islamic values with the technology and innovation that characterise the best of modern banking, DIB is excellently placed to achieve sustained growth in the coming years.”

The Bank reported a net profit of BD0.55m post provisions for the fourth quarter of the year as compared to a loss of BD7.8m during the same period in 2010. The Bank posted a net loss of BD3.38m post provisions for the year 2011 as compared to a net loss of BD26.5m during the corresponding period in 2010.

Commenting on the Bank’s results, Jamal Al-Hazeem, Chief Executive Officer of BMI Bank said, “2011 was a year of transformation for BMI Bank, with an emphasis on transparency, product innovation, stronger levels of customer service and openness; all key elements in realizing our objective of significantly increasing our market share within Bahrain whilst continuing to compete effectively. We have begun to witness the rewards of continuing our investment in our people, brand, system, product and services as reflected in both our net profits for the second half of 2011 as well as our position as a key player amongst local retail and commercial banks within the country.”

“Our transformation began in earnest at the start of 2011 with the roll out of several customer-centric products and services including the revamp of our flagship retail product Ayadi which witnessed tremendous growth in the portfolio. This was followed by a campaign announcing our refreshed brand identity under a new tag line, “better, together” to strengthen our position as an entirely customer and customer-service driven bank. We also opened three new branches, including one on the 16th floor of the Bahrain World Trade Center to cater to our high net-worth clientsgrowing our branch network to ten and our ATM network to thirtyduring the year.Further to the launch of our state-of-the-art core banking system in 2010, we launched two new payment channels for our credit card customers as well as several reward based promotions on our bouquet of retail products,” he added.

“Our commitment to actively support and sponsor community driven initiatives is paramount in our efforts towards managing a cognizant CSR program.During the year, we continued our support towards a set number of local and community led charities that we partner on a long term basis; Al Sanabel orphans care center, American Mission Hospital’s (AMH) community outreach program, the island classic charity golf tournament and think pink Bahrain by committing in excess of BD80,000 to their causes as well as towards a few other smaller charity foundations within the community at large,” Jamal Al-Hazeem said. “We have been very prudent and conservative in our lending practices as well as in our approach to provisioning during 2011, which we believe positions us well for the year ahead. At BMI Bank, we maintain an excellent Capital Adequacy Ratio of over 19% with strong liquidity and a portfolio of unique and innovative products and services.”

“We move into 2012 with a renewed commitment to deliver innovative products and services through our retail and commercial banking franchise and will continue to invest in them to better serve our customers.BMI Bank is now well-placed to become a leading retail bank in Bahrain. We have a stable and growing business to leverage on with strong shareholder and customer support. I take this opportunity to thank the Central Bank of Bahrain, our shareholders and customers for their confidence in our capabilities and our staff for their continued commitment and support,” he added.

The 2012 Commercial Bank Qatar Masters tournament will be hosted by Qatar’s Golf Club and will kick start on the 2nd of February.

Fifty One East will supply the tournament with the latest gadgets in technology through the astonishing “3D World Created by Sony”. This sponsorship goes hand-in-hand with Sony’s status as Qatar’s leading brand in the field of technology as it brings back to this year’s Qatar Masters the new BRAVIA Internet LED TVs that redefined the TV industry in addition to the VAIO laptops especially the “Z” series being for the World’s Chosen.

Established in 1998, The Commercial bank Qatar Masters is prestigious golf tournament hosted every year by Qatar’s Golf Club and is part of the four European Tour golf tournaments staged in the region. Each year many of the world’s most distinguished golfers compete on the Club’s unique and challenging desert-type Championship Course measuring 7,374 yards from the tournament tees and designed by Peter Harradine, one of the world’s leading golf course architects. This year’s prize is a whopping $2.5m.

Fifty One East is the longest-standing retail chain in Qatar and the most exclusive address for a style-savvy population seeking the best life-enhancing elements. Driven by unfaltering customer loyalty, immeasurable retail known-how and a diligent belief in its commitment towards providing its community with nothing short of the most premium indulgences, Fifty One East brings the epitome of modernity fused with the essence of the Orient.

Fifty One East houses a gamut of international electronics and non-electronics brand names the caliber of Sony, Bose, Yamaha, Apple, Sony Ericsson, Gigaset, Belkin, HTC, Rolex, Boucheron, Tudor, Armand Nicolet ,Pasquale Bruni , Vulcain, Faberge, BRM Watches, H. Moser & Cie, Guy Laroche, Cacharel, Chanel, Givenchy, Amouage, Elizabeth Arden, Dior, Lancôme, YSL, Brioni, Smalto, Cerruti, Calvin klein, Fabio Inghirami, Moreschi, Azzaro, Balmain, Georges Hobeika, George Chakra, J Mendel, Temperley, Zagliani, Vanlaack, Bally and much more.

Fifty One East paves the way for Darwish Holding’s vision to bring forth internationalism in standards in-keeping with the country’s well-respected heritage and identity. Representing Qatar’s coordinates, Fifty One East accentuates Darwish Holding’s productive role in boosting the country’s developmental endeavors.

Fifty One East at Lagoona is today the main anchor store and a world-class retail destination with the largest multi-brand superstore in the Middle East with 13,500 square meters of retail concepts that are aligned with the lifestyle of Doha’s savviest shoppers.

Mashreq’s total assets witnessed a moderate decline of 6.6%, reaching Dhs79.2bn compared to Dhs84.8bn at the end of 2010, due to the bank’s balance sheet management strategy. The bank continued to maintain high liquidity. The liquid assets of Dhs24.9bn led to a healthy liquid to total asset ratio of 31% as of December 31st, 2011.

In addition to specific provisions, Mashreq maintains a healthy general provision

(collective impairment allowance) which at year end stood at 2% of net loans and advances.

As a result of proactive risk management, Loans & Advances reported Dhs37.7bn, a decrease of 8.5% from Dhs41.2bn at the end of 2010.

Commenting on the financial results, H.E. Abdul-Aziz Al Ghurair, Chief Executive Officer of Mashreq, said: “The 2011 annual financial results reflect our policy of balancing prudence with profitability. Although 2011 was a challenging year for the Region, we continue to maintain high levels of capitalization and liquidity and remain fully committed to the markets across the GCC.”

Given the elevated level of liquidity, Mashreq could afford to rationalize its liability structure by shedding some high-cost deposits, leading to an 11.4% reduction from December 2010 to Dhs45.4bn. However, the bank continues to maintain a robust loan-to-deposit ratio of 83% as at December 2011.

Abdul-Aziz Al Ghurair added, “Our single minded goal is to deliver sustainable financial results while adapting to rapidly changing market conditions by focusing on customer centricity across our businesses. Meeting and exceeding the needs of our customers is the corner stone of our business philosophy.”

The total income for 2011 of Dhs3.9bn represents an 11.7% drop relative to 2010; Net interest income and income from Islamic products net of distribution to depositors for the year 2011 reported at Dhs1.9bn was down 15.1% while Net fee, commission and other income at Dhs1.9bn was down 8.0%. However the ratio of Net fee, commission and other income to operating income stood close to 50%, which is one of the best in its class.

General and Administrative expenses for the full year 2011 remained stable at Dhs1.8bn, showing a slight increase of 1.7%.

Mashreq provisions for loans and advances continued its downward path in 2011, decreasing by 32% to Dhs1.2bn from Dhs1.8bn in 2010, while the efficiency ratio increased modestly to reach 46.3%.

The bank continued to maintain a very healthy capital adequacy ratio which stood at 22.6% as of December 2011, while the Tier 1 ratio went up to 16.2% for the same period.

Operational update:

Mashreq launched ‘Mashreq Majestic’, a one of a kind offer for customers in UAE which bundled a wide selection of banking products and services, specifically tailored to meet the unique requirements of our varied customer segments. The Salary, Loan, Mortgage and SME Finance packages are custom made to offer unmatched value for money, ease and accessibility - another trailblazing innovation in the market.

As part of the bank’s commitment to customers to provide the highest quality of service in personal banking, Mashreq has completed a total makeover of its branches, carrying out extensive renovations across the branch network. The new cutting edge design creates a welcoming and comfortable environment for the bank’s valued customers when they visit any of the branches located strategically in the UAE.

During 2011 Mashreq continued its social and community building efforts having launched the first Student Banking Centre (Electronic Banking Unit) at Dubai International Academic City (DIAC) which serves 27 universities and academic institutions. The bank signed an agreement with Higher Colleges of Technology (HCT) to become one of the founding members of the HCT Foundation’s HCT 100 corporate group. In furtherance of its Emiratisation strategy, Mashreq announced the recruitment of the second batch of UAE Nationals from Abu Dhabi. Recently, the bank recruited graduates of Mashreq Al Mustaqbal Management training programme as Branch Managers, demonstrating its commitment to employ more and more UAE Nationals.

The bank continues to reinforce its online and mobile banking services with the latest enhancements which allows Mashreq customers to enjoy world class remote banking from the comfort of their homes with additional service features and improved security measures, with complete financial freedom.

Reflecting its on-going SME development strategy, Mashreq opened a call centre to facilitate service queries such as account maintenance, updating trade license, cheque book issuance, inward and outward remittances; the call centre acts as the single point of contact for all Small & Medium Enterprises customers for service queries. Mashreq also signed a partnership agreement with Dubai SME, the agency of the Department of Economic Development (DED), Government of Dubai, to offer benefits to the top 100 SMEs in recognition to the importance of supporting startup companies.

From a corporate standpoint, Mashreq witnessed a good business year with improvement in revenue and net profit. Traditional areas of business contracting finance and trade finance performed well. Relatively new services offered under Global Transaction Services Unit (GTS), particularly cash management services did particularly well in providing innovative solutions to customer needs.

To reflect the bank’s renewed commitment to the Abu Dhabi market, Mashreq announced the appointment of Karim Mahmoud as the CEO of the bank’s operations in the Capital.

Mashreq’s Corporate Investment Banking group facilitated clients’ access to the debt market. In 2011, the bank successfully closed two syndicated term loans for Sri Lanka’s largest bank, Bank of Ceylon (BOC) for USD 175m and USD 140m facilities. Moreover, Mashreq effectively led USD 403m syndicated facility for the engineering, construction and procurement works of the Borouge 3 expansion project, which was awarded to the Tecnimont S.p.A - Samsung Engineering joint venture.

Through a sophisticated 24 hour dealing room, Mashreq provides traditional and complex treasury products like options, swaps and other hedging products to customers to accommodate their business needs.

Internationally and in line with its strategy to be a leading regional financial institution, Mashreq’s presence in significant markets such as Qatar, Kuwait, Bahrain and Egypt is a clear indication of its constant endeavor to provide accessibility to its customers across the Region. With the completion of it’s first year in business, Mashreq Kuwait reported a healthy and profitable performance during 2011.

During 2011, Mashreq announced the opening of its representative offices in Nepal. Additionally, in a path breaking move, the bank signed an exclusive agreement with the Bank of China to establish a ‘China Desk’ in the UAE.

Mashreq also signed a Memorandum of Understanding (MoU) with the Export-Import Bank of Korea (Korea Eximbank). Under the agreement, Mashreq will facilitate various investments and comprehensive banking solutions for projects implemented by Korea Eximbank in the UAE and the Middle East region.

The Correspondent Banking facility had a particularly good year offering trade and payment products to correspondent banks through dedicated branches in London, New York, Hong Kong and India.

In recognition of his demonstrated commitment to excellence in the banking industry, H.E Abdul-Aziz Al Ghurair, CEO of Mashreq received a clutch of awards for his accomplishments: the Outstanding Contribution to the Industry Award from The Banker Middle East Industry Awards 2011, the MEED Leadership Award 2011; The Arab Banker of the Year in the Private Sector Award 2010-2011from The Union of Arab Banks (UAB) in Rome, Italy.

Furthermore, the industry recognized Mashreq’s achievements and commitment to offer customers the highest form of banking through constant innovation. The awards include Best Call Centre of the year Award - strategically aligned category from Middle East Call Centre awards 2011 organized by INSIGHTS and the Best Islamic Window from The Banker Middle East Industry Awards 2011 for Mashreq Al Islami for the second year in a row. The bank was also awarded the ISO 9001:2008 Certification by the British Standards Institute (BSI) for its Operations Group.

Mashreq’s funds won top three awards at the MENA Fund Manager 2011 Performance Awards; The Newcomer Fund of the year Award went to Mashreq Al Islami Income Fund for having the highest risk adjusted returns, Makaseb Income Fund received the Fixed Income Fund of the Year Award, and Mashreq Capital was awarded the UAE Asset Manager of the Year award.

The bank was also recognized by Dubai Women’s College when it was given the Employer of the Year Award in the private sector for Mashreq’s Emiratisation strategy and due to Mashreq’s constant efforts to empower Emirati students by providing the necessary training to develop their skills. Moreover; the prestigious Lipper Fund Award 2011 for the Best Equity Fund over 3 years and 5 years under Equity, UAE category was given to Mashreq’s Makaseb Emirates Opportunities Fund (MEOF).

Mr. Yaseen Anwar, the Governor SBP and Dr. Abdel Rahman El-Tayeb Taha, the Chief Executive Officer of ICIEC signed the MOU.

The MOU aims at establishing a basis for the exchange of information between the two entities on banking industry’s condition and operating performance indicators and ICIEC’s exposures on the banks operating in the country.

Headquartered in Jeddah, Saudi Arabia, ICIEC is the only multilateral Shariah Compliant ECA in the world providing credit and political risk insurance (Takaful) services. ICIEC’s risk mitigating instruments help its clients (exporters, banks and investors) in its member countries in expanding their business volumes in a risk and cost effective manner.

Since its inception in 1995, ICIEC has provided insurance commitments in excess of $11bn. Over 17 years in business, ICIEC has carefully nurtured professional relationship with leading exporters, ECAs, reinsurers and banks.

ICIEC is now a name which is trusted by its partners worldwide. ICIEC’s shareholders include 40 countries from the Organization Islamic Cooperation (OIC). Its main shareholder, Islamic Development Bank (IDB) owns 67% of the capital and is rated AAA by the three global rating agencies (S&P, Moody’s & Fitch). ICIEC is rated by Moody’s as Aa3 with a stable outlook on a stand-alone basis.

ICIEC’s operations in Pakistan among others include provision of Shariah compliant insurance coverage to LC issuing banks in Pakistan, which aims to help them in getting their LCs confirmed at competitive prices. Confirming banks benefit from ICIEC’s services in terms of credit risk transfer and favorable risk weight treatment under the Basel II framework. ICIEC also provides export credit insurance in support of Pakistani exporters and provides political risk insurance to encourage the flow of foreign investments into Pakistan.

Before signing of the MOU, Dr. Taha called on the Governor and discussed ICIEC’s plans to further expand its operations in Pakistan. The Governor welcomed and appreciated ICIEC’s interest in Pakistan and assured SBP’s full support and facilitation to ICIEC for promoting trade and investment in the country.

Dr. Taha said, “The signing of the MOU comes within the framework of the role of ICIEC in supporting financial institutions in its member countries, to enable them to provide export finance to their customers”.

“I am confident that singing the MOU with SBP will greatly enhance ICIEC’s ability to support Pakistan’s international trade, particularly with OIC member countries” He added.

Ambit Treasury Management will help the bank establish a centralized front-to-back-office treasury operation providing support for multiple asset classes, which will help the bank easily extend services to clients as its business expands. With Ambit ALM, OIB can perform funds transfer pricing and multi-dimensional analyses of the balance sheet by modeling customer behavior, economic valuation, interest rate scenarios, and a wide range of other variables.

Douglas Emmett, general manager at Oman International Bank, said, “SunGard’s Ambit integrated treasury and risk solution will help us consolidate onto a single platform for treasury and asset liability management. Ambit will help OIB more accurately identify, manage and minimize risks within our business. We selected SunGard because of the strength of the Ambit solution suite, its deep industry expertise and its strong support infrastructure in the Middle East.”

Wissam Khoury, managing director for the Middle East at SunGard Financial Systems, said, “Banks are undergoing rapid expansion in the Middle East and SunGard’s integrated approach to treasury management and asset liability management is helping our customers capitalize on this change. SunGard’s Ambit solution suite is helping banks across the region develop a complete and accurate view of risk while delivering improved visibility and control through a single view of their cash and liquidity.”

SDSB is a Malaysian based company providing fully integrated and specialized engineering and maintenance services to oil and gas, petrochemical, and utilities companies in Malaysia, Indonesia and the Middle East and North Africa (MENA) region.

Elaf Bank is the lead arranger and advisor for the $5.0m funding exercise, and the underwriter for Tranche 1 of the financing.

Dr. Jamil El Jaroudi, CEO of Elaf Bank, commented on the significance of this transaction in Malaysia. “We are pleased to have concluded this transaction with SDSB. It has reinforced our belief that our decision to be on the ground in Malaysia is a correct one, giving us the advantage of being close to the business and the market here (in Malaysia).”

Dr. Jaroudi added, “This gives us the impetus to expand our coverage not only in Malaysia, but also in other South East Asian countries, and maintaining our commitment to bridge between the two Islamic hubs in South East Asia and in the Middle East.”

Dr. Hj. Ir. Mohd Abdul Karim Bin Abdullah, the Group CEO of SDSB, expressed his confidence in Elaf Bank and in their endeavors to emerge as a major corporate financial advisor and arranger in Malaysia.

Dr. Abdul Karim added, “We look forward to more sizeable deals to be concluded with our partners in the very near future in countries where SDSB Group is active in both South East Asia and the MENA region.”

Launched in June 2008, Al-Hilal Bank prides itself in taking a progressive approach to providing its customers with accessible Shariah-compliant banking solutions.

The award-winning digital pen is currently used by Al Hilal Bank’s direct sales team as well as office staff involved in Credit Finance, Finance Operations, and Sales Coordination. The device includes a camera and a GPS that digitalize and automatically import the written documents to Al Hilal’s systems.

Al Hilal personnel simply write on a specially-printed copy of a particular document with the digital pen, which automatically records the handwriting in its memory.

The recorded ink is then downloaded and matched with the image of the original document. It also creates a new, exact copy of the handwritten document in PDF format, just as if it had been scanned or photocopied. The digital copy can then be easily saved, sent, archived, copied, deleted or retrieved depending on the bank’s requirements.

The digital pen technology facilitates the movement of captured customer data along with all supporting documents and photos thru secured lines to any Al Hilal branch. The bank can then process the request and swiftly reply back. By using the integrated digital system, Al Hilal Bank instantly digitizes its workflows while cutting document-related costs. The system was provided by Abu Dhabi -based BSTechnologies.

“Our digital pen -based system reflects our commitment to using technology to increase services and convenience for our customers. Al Hilal Bank intends to adopt more digital systems offered by industry leaders such as BSTechnologies in line with our efforts to tap modern tools for the convenience of our mutual customers. We shall continue to redefine and raise the standards of modern, Shariah-compliant banking,” said Mohamed Zaqout, Head of Personal Banking, Al Hilal Bank.

“We are thrilled to bring to Al Hilal Bank a cutting-edge technology that reduces client waiting time, improves the management of business workflow queues, and drives down the costs involved in forms processing. The technology is so simple and natural so it can be instantly and effortlessly used by young and old alike. Knowing how to write with a pen on a paper is enough to be able to use this technology,” added Abdullah Al Kaabi, CEO, BSTechnologies.

BSTechnologies is a part of the Bin Salem Holding Group and is a partner of Abu Dhabi -based Smart Technologies, the exclusive distributor of the digital pens used by Al Hilal Bank in the region. It provides services to various sectors including banking, health care, government, telecom as well as other enterprises that require instant and cost effective digitization of their existing paper workflows.

Al Hilal Bank is fully owned by the Abu Dhabi Investment Council, the investment arm of the Government of Abu Dhabi. Al Hilal Bank currently has 21 local branches and 112 ATMs across the UAE as well as three overseas branches in Kazakhstan.