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Albaraka Announces Successful Implementation of Finacle Banking Solutions - Infosys Finacle announced that Albaraka, one of Morocco’s leading microfinance institutions has successfully implemented Finacle Core Banking, Customer Relationship Management (CRM), and Wealth Management solutions - Albaraka.ma / Finacle.com
Albaraka Announces Successful Implementation of Finacle Banking Solutions

 

PRZOOM - /newswire/ - London, United Kingdom, 2016/02/16 - Infosys Finacle announced that Albaraka, one of Morocco’s leading microfinance institutions has successfully implemented Finacle Core Banking, Customer Relationship Management (CRM), and Wealth Management solutions - Albaraka.ma / Finacle.com. NYSE: INFY

   
 
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Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys, today announced that Albaraka, one of Morocco’s leading microfinance institutions (formerly known as FONDEP), has successfully implemented Finacle Core Banking, Customer Relationship Management (CRM), and Wealth Management solutions.

Albaraka replaced its existing core banking system with the Infosys Finacle solution to accelerate its plans to expand into retail banking and insurance products distribution. Infosys Finacle was selected for its advanced functionality, flexibility and local language capabilities. Product specialists from the Infosys Finacle Mauritius team played a pivotal role in the deployment, using their understanding of the requirements for developing a system for French-speaking territories of the financial services sector in North Africa.

Albaraka is the third largest micro-credit institution in Morocco, and has a rapidly expanding network of 208 branches throughout the country. The bank, which has been growing in the micro-credit industry, will use the new core banking platform to offer a 360°-view of customer assets through the CRM and the core banking modules.

Mouatassim Belghazi, CEO, Albaraka said,"Since its creation in 1986, the institution has always considered its banking software systems with high attention. As such, we have permanently invested for allowing its improvement and assuring its sustainability. With Infosys Finacle, we are confident about reaching our objectives of operational efficiency and achieve our mission of contributing to social economic inclusion, as well as the financial inclusion of micro entrepreneurs who are excluded from usual financing routes."

Michael Reh, Executive Vice President and CEO (designate), EdgeVerve said,"The Finacle suite of products will enable Albaraka to serve its rapidly growing customer base with an industry-leading core banking solution, as well as in growing the micro finance sector in Morocco. The new technology platforms will enable the bank to extend its service offering and geographical scope as it seeks to bring banking services to more and more people."

About Infosys Finacle
Finacle (finacle.com) is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 84 countries and serves over 547 million customers nearly 16.5 percent of the world’s adult banked population.

Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.

About EdgeVerve Systems Ltd
EdgeVerve Systems (edgeverve.com), a wholly owned subsidiary of Infosys, develops innovative software products and offers them on-premise or as cloud-hosted business platforms. Our products help businesses develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. We power our clients’ growth in rapidly evolving areas like banking, digital marketing, interactive commerce, distributive trade, credit servicing, customer service and enterprise buying.

Today EdgeVerve products are used by global corporations across financial services, insurance, retail and CPG, life sciences, manufacturing, and telecom. Finacle, our universal banking solution, is the choice of financial institutions across 84 countries and serves over 547 million customers nearly 16.5 percent of the world’s adult banked population.

About Albaraka
Albaraka (albaraka.ma), one of Morocco’s leading microfinance institutions, with a network of 208 branches, and has over 1,300 employees. The institution serves a portfolio of nearly 151,000 customers, with an outstanding portfolio loans of over 1.260 billion dirhams.

In 2015,"Microfinanza Rating", an international rating agency specialized in microfinance, reported the excellent operating and financial performance of Albaraka by maintaining the rating of "A" and upgraded the social rating of Albaraka to an "A" which is characterized by a good management system of social performance and customer protection.

Safe Harbor
Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2015. These filings are available at sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. Any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.

Contacts:
Sarah Gideon - Infosys, India
P: +91 80 41563998 - E: Sarah_Gideon[.]infosys.com.

Pilar Elvira Wolfsteller - Infosys, USA
P: +1 510-944-4596 - E: Pilar.Wolfsteller[.]infosys.com.

Albaraka: narjiss.safrioui[.]albaraka.ma

 
 
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Albaraka Announces Successful Implementation of Finacle Banking Solutions

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