Al Rajhi Bank (ARB) , one of the largest Islamic banks in the world and Wipro Arabia, a subsidiary of Wipro, an information technology, consulting and business process services company, yesterday announced the successful 'go live' of Oracle FAHGL Program in a two-year migration.
Wipro ensured a successful implementation of the Financial Accounting Hub (FAH) at the bank by integrating all banking systems through the FAH, building a single repository for all financial data and developing an effective reconciliation and errors handling mechanism.
The shift to Oracle FAHGL has brought in operational efficiency at the bank especially in the Treasury, Risk and Card business operations. The reconciliation time has fallen from three to four days to fifteen minutes and helped free up skilled banking experts for more analytical tasks. Implementation has also facilitated quality and timely management reporting and compliance with IFRS / IAS accounting principles.
Waleed Al-Mogbel, Chief Operating Officer, Al Rajhi Bank said, "The FAH engine is most important to ARB for its digital transformation journey, enabling new types of innovation and creativity, which commenced with replacing the legacy MCGL by a modern General Ledger (GL), integrating all banking operations systems to build a single repository for all needed financial data, and develop an effective reconciliation, errors handling mechanism required for financial reporting. This is a remarkable milestone as it is one of the largest implementations in which Oracle FAHGL has been integrated with banking operating systems."
Thomas George, General Manager and Head, Wipro Arabia said, "This project has been one of the most complex and largest Oracle FAH implementations executed by Wipro, integrating nine banking business applications having around forty eight subsystems with Oracle GL. The successful implementation clearly demonstrates the maturity of Wipro Oracle practice in handling complex projects that have fixed timelines and costs."
He further added, "Our mission is to support the growth of our clients in their overall business results. We will continue to provide Al Rajhi Bank our support and commitment in stabilising system continuity and improving the process and performance."
Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 288 billion (US$76.8 billion) and an employee base of over 8,400 associates. With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank has a vast network of over 500 branches, over 120 dedicated ladies branches, more than 4,000 ATM's, 33,000 POS terminals installed with merchants and the largest customer base of any bank in KSA, in addition to 130 remittance centres across the kingdom.