Bangalore: Al Rajhi Bank, one of the largest Islamic banks in the world and Wipro Arabia Ltd., a subsidiary of Wipro Ltd., today announced the successful go live of Oracle FAHGL programme. This two year programme has been a transformational journey for Al Rajhi Bank as it has moved from the legacy system to Oracle FAHGL.
Wipro ensured a successful implementation of Financial Accounting Hub (FAH) at the bank, by integrating all banking systems through 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 reduced, from three-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 of IFRS / IAS accounting principles.
Waleed Al-Mogbel, Chief Operating Officer, Al Rajhi Bank said, “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 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 the 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 & Head, Wipro Arabia said, “We are delighted to partner with Al Rajhi Bank. 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 sub-systems with Oracle GL. The successful implementation clearly demonstrates the maturity of Wipro Oracle practice in handling complex projects that have fixed timelines and costs”.
Based in Riyadh, Saudi Arabia, Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 288 billion (US$ 76.8 bn), a paid up capital of US$4.3 billion and an employee base of over 8,400 associates.
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