Ithmaar focusing on IT to boost growth
Manama, January 24, 2012
Ithmaar Bank, the Bahrain-based Islamic retail-focused bank, said it has adopted a bold new three-year information technology (IT) strategy to ensure its future growth.
'Ithmaar Bank is in an aggressive growth mode,' said chief executive Mohammed A Rahman Bucheerei.
'This, in turn, is driving our decision making process and we remain resolutely determined to do whatever it takes to realise the board-approved expansion plans,' he added.
In line with this commitment, Ithmaar Bank allocated all possible resources and commissioned the best available expertise to help ensure the bank applies established international best practice approaches for its three-year strategy.
'We commissioned the world's very best experts, arguably the undisputed authority on IT strategy, to help us chart the way forward,' said Bucheerei.
'It is, certainly, an expensive route, but we recognise the critical importance information technology will play in allowing the bank to implement its ambitious expansion plans.
'We commissioned Gartner to advise on this strategic plan because they offer world-class, objective insight on virtually all areas of IT, with unparalleled expertise across a wide range of solutions.
'Gartner, for example, boasts 775 expert analysts who cover 1,071 topics across the IT landscape, are based in 26 countries and speak 47 languages,' he said.
'Gartner insights are drawn from a critical fact base that is simply not available anywhere else, and each year Gartner manages 10,000 interactions with clients in 11,500 distinct organisations world-wide as well as 290,000 one-on-one client discussions and 12,000 vendor briefings.
'The new three-year strategy focuses on the four mega trends in technology that will shape our collective futures - cloud computing, social computing, mobile computing and information management - and sets an ambitious road map that will see us completely restructure the department,' he added.
'In the long run, we will see the traditional roles of 'banker' and 'IT expert' merging and, soon, senior bankers will be playing an increasingly involved role in technology.
'The strategy will, in turn, contribute directly and in a very significant way to Ithmaar Bank's growth and the way it conducts its business.
'New delivery channels will be introduced and existing ones dramatically improved as product innovation becomes a natural extension of our day to day activities.
'Technology will be even more integrated into our lives and, by necessity, our offerings as a leading Islamic retail bank and a recognised industry pioneer,' he said.
'As a result, customers will enjoy an enhanced banking experience and Ithmaar Bank will be able to quickly respond, even anticipate, to requirements,' he added.-TradeArabia News Service