KUWAIT : Kuwait based, Microlink MENA, a fresh venture aiming at becoming a leader in Islamic Banking Solutions in the region of Middle East and North Africa, recently acquired the license to begin operations in Kuwait. The joint venture agreement signed between Microlink Worldwide Sdn Bhd (MWSB), Malaysia - a public listed company on MESDAQ Market Malaysia and Technology World Company (TWC), Kuwait, facilitated in setting in motion the Microlink MENA operations. A further development following the signing of the agreement was the election of Adel Buaijan as Chairman and CEO of Microlink MENA.
Diversify
In line with Microlink's group strategy to diversify its revenue based internationally, Microlink, MENA is expected to increase the group's revenue and further strengthen Microlink's position in the region as the preferred Islamic banking solution provider.
Microlink CEO, Peter Yong said, "Microlink MENA will assist in expanding our business in the huge Middle East market and will pave the way for more collaborative efforts in the future.
An increasingly important consideration for customers in the MENA region and in Malaysia when choosing a solution is the fact that Microlink is one of the few companies in the world of Islamic finance solutions that is rated a CMMI Level 3 company. I am confident that this competitive advantage will do well for us in the region.
We are also extremely honored that TWC has acquired a substantial shareholding in Microlink, giving us a further vote of confidence."
Drawing on the combined strengths of MWSB's wide range of financial products and outstanding technologies and TWC's access to customers from various banks and financial institutions, Microlink MENA provides the best value through expanded research and development, a broader range of Islamic financial products, increased sales capabilities and a more comprehensive set of market offerings.
Demand
Khaled Mohareb, Chairman of TWC said, "The growing demand for Islamic Finance products in the MENA region motivated us into signing the agreement with Microlink, Microlink's well-established quality of Islamic Financial Products and their commitment towards R&D of new products will provide the Islamic finance sector with a whole range of superior solutions for their ever expanding business needs.
At TWC we are proud to be able to utilize the relationships of TWC with various banks and financial institutions to implement Microlink's R&D in order to develop applications to support new Islamic finance products."
Microlink MENA has already begun receiving a favorable response from banks and other financial institutions including United Capital Bank Sudan, Bank of Khartoum Sudan and clients from other regions. The company is undertaking sales and support services of Microlink Banking Solutions ('MiBS') in the United Arab Emirates, Saudi Arabia, Kuwait, Lebanon, Syria, Jordan, Pakistan and Sudan.
Efforts
Commenting on the joint venture, Adel Al-Buaijan, CEO of Microlink MENA said, "We are proud to be a creation of the combined efforts of the two esteemed companies Microlink and Technology World Company.
Microlink MENA plans on absorbing the resources available at both companies and providing the best of Islamic Banking solutions. Our dynamic solutions will assist financial institutions across the Middle East and North Africa in their growing business endeavors."
TWC is a wholly owned subsidiary of AREF Investment Group, which provides leading edge IT and technology driven solutions in various fields and has a solid customer base in Kuwait, Africa and other Middle Eastern countries.
© Arab Times 2008
