Egyptian bank upgrades accounting system

Egyptian investment bank Naeem Holding is to implement a new investment accounting system across its operations in three countries.

Naeem Holding will deploy Thomson PORTIA version 9.0 in its locations in Egypt, Saudi Arabia and Dubai, allowing it to support different regulatory requirements across the Middle East and North Africa.

This is the first multi-country implementation for Thomson PORTIA in the MENA region.

Bassam Ganadiely, chief operating officer, Naeem Saudi Arabia, said: "The deployment of Thomson PORTIA 9.0 across our entire Middle Eastern operation provides a scalable solution that improves efficiency and so enables us to meet our ambitious growth objective.

"Importantly, it offers flexibility to handle the full range of Islamic products and will enable us to provide a better service to our clients, while ensuring compliance with Shariah and other regulatory requirements across the Middle East and North Africa."

PORTIA is an enterprise-wide solution used to manage daily transaction activity, settle trades, and generate a wide range of reports.

Naeem Holding had close to US$2 billion in assets under management as of June 2006, $1 bn of which was in private equity assets.

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