Al Hilal Bank selects SunTec to sidestep VAT law splat
SunTec says its Xelerate for VAT, in its current form, has been specifically developed for Gulf Cooperation Council (GCC) countries (i.e. Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman) to cater to the new VAT law brought in this year.
Alex Coelho, CEO of Al Hilal Bank, says Xelerate is “expected to have a tangible positive impact on streamlining operations and establishing a convenient tax regime”.
Xelerate will be used for analysing transactions flowing through the bank’s systems, and computing taxes. SunTec adds that it is designed to be an “over-the-top” (OTT) solution that can integrate with the core systems of Al Hilal’s existing IT landscape.
The bank’s core system is Temenos’ T24.
Al Hilal Bank is a 100% government-owned Islamic bank. It has an authorised capital of AED 4 billion ($1.08 billion). It was founded by the Abu Dhabi Investment Council, an investment arm of the Abu Dhabi government.
The bank has 24 branches in the UAE and three branches in Kazakhstan. It provides Shari’ah-compliant personal, wholesale and treasury banking services.