Oman-based Alizz Islamic Bank has selected Wolters Kluwer Financial Services’ OneSumX platform for asset and liability management (ALM).
The ALM platform offers an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, risk and compliance.
The technology vendor said that the bank will use the platform for the monitoring of liquidity, sensitivity analysis, income analysis, income and earnings simulation and fund transfer pricing (FTP).
The solution enables balance sheet modeling, risk measurement, risk management and regulatory compliance.
The bank intends to extend the solution to generate Regulatory Returns on Liquidity Coverage Ratio and Net Stable Funding Ratio going forward, Wolters Kluwer said.
The bank will use Advanced Financial Solutions, a subsidiary of Midis Group, for the implementation of the Wolters Kluwer Financial Services offering.
Alizz Islamic Bank CFO Ghalib Al Busaidi said: "We spoke to several vendors and chose the Wolters Kluwer Financial Services solution, based on its ability to provide a suitably comprehensive ALM framework for the bank.
"Furthermore, the reputation of Advanced Financial Solutions has been very good as the firm has successfully implemented several solutions for financial institutions over the years. We look forward to working with them to implement the OneSumX solution for ALM. This is an important investment for us and demonstrates our commitment to ensuring an effective and strong risk management culture."