Profile Software gains new IMSplus taker in Saudi Arabia – Albilad Capital

Profile Software gains new IMSplus taker in Saudi Arabia – Albilad Capital

Albilad Capital, the investment arm of Saudi Arabia’s Bank Albilad, is implementing IMSplus Custody, a specialist solution supplied by Profile Software.

IMSplus Custody will support Albilad’s newly launched custodian services department.

Albilad Capital operates according to Islamic finance principles and provides financing from equity and debt capital markets for a variety of sectors, including oil and gas, petrochemicals, telcos and real estate. It works with individual and institutional/corporate customers.

Profile says its system was chosen “following a thorough international vendor selection process”. IMSplus Custody will automate the company’s “multi-entity and multi-asset class custody processes including local and international network”, the vendor says. The system’s functionality also supports reporting and performance analysis.

Albilad’s custody clients will be able to access a range of services through the web solution. Profile points out that “the additional functionality provided was one of the reasons that Albilad selected the IMSplus solution over competitive ones”.

Albilad is the second user of IMSplus in Saudi Arabia. The first taker – Wasatah Capital – was onboarded last year.

IMSplus is a well-established solution in the investment management space with around 30 users. The majority of them are based in Greece (the home market of Profile) and neighbouring Cyprus (including a recent taker, T.C.R. International).

A handful are further afield – in the Middle East and the UK. In the UK, its new client is Rasmala, formerly European Islamic Investment Bank (EIIB).