El Taamir goes live on Intellect lending suite
Egypt-based El Taamir Mortgage Finance Company has gone live on Intellect Design Arena’s lending suite.
Intellect says the implementation was completed in seven months including data migration. The suite equips El Taamir with automation of regulatory reports for the central bank as per Egyptian mortgage laws and generation of receipts for cash payments.
Hassan Hussein, chairman, El Taamir, says Intellect’s product portfolio helps with the “elimination of manual input and manual interpretation of each transaction and any human deviation from established policies and procedures” and it has been able to “reduce processing time by half”.
El Taamir has 40% share of the Egyptian market and is fully owned by the government of Egypt.
Intellect’s lending suite has had a number of other takers over the years. These include Abu Dhabi Commercial Bank, First Gulf Bank in the UAE, and Tamweel Finance in Egypt.
The vendor also has something to add concerning the Egyptian government obtaining a $12 billion credit facility from the International Monetary Fund (IMF). It says there is an “anticipation of potential growth in Egypt’s economy, particularly in the real estate sector”.