Al Baraka Bank goes for digitalization

KARACHI: Al Baraka Bank (Pakistan) Limited (ABPL) has selected BenchMatrix to implement an automated regulatory compliance risk management system that would further strengthen compliance management controls, says a Press release.

RiskNucleus®-Compliance Management System implementation at Al Baraka will enhance the monitoring of regulatory compliance policy through a complete, automated and up-to-date rule book / regulatory library mapped to key activities within the organization and enable regulatory compliance, compliance risk assessment, audit observation management, self-assessment, regulatory correspondence management, penalties and breaches management, key indicators reporting and control testing.

ABPL is a subsidiary of Al Baraka Banking Group (ABG), a Bahrain Joint Stock Company, listed on Bahrain and NASDAQ Dubai stock exchanges. It is a leading International Islamic bank with Standard & Poor’s at BB (long term) / B (short term) and offers Retail, Corporate, Investment Banking and Treasury Services strictly in accordance with the principles of Islamic Shariah. The authorized capital of ABG is US$ 2.5 billion; asset base of US$ 25 billion and total equity of US$ 2.4 billion.

The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 16 countries, which in turn provide their services through over 679 branches. Al Baraka currently has a strong presence in Turkey, Jordan, Egypt, Algeria, Tunisia, Sudan, Bahrain, Pakistan, South Africa, Lebanon, Syria, Iraq, Saudi Arabia and Morocco, including two representative offices in Indonesia and Libya.

It is part of ABPL’s commitment, to put the customer’s values foremost, hence providing them with a banking solution that is in line with their beliefs.

BenchMatrix is a leading advisory services and automated GRC solutions provider with a focus on developing practical and customized approaches to risk management for organizations. Our team has several full cycle implementation experiences in multinational organizations with success stories in Bahrain, Qatar, Saudi Arabia, UAE, Kuwait, Turkey, France, Canada and Pakistan.

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