Kuwait Finance House (KFH) has incorporated new Sun Gard system that is expected to handle all forms of risk management. The program meets the requirements of the Central Bank of Kuwait (CBK), Basel 2 and other international accounting standards, in addition to the standards followed in Islamic banks.
The program is intended to help in estimating and following up by relying on unified, documented data. Also meant to assist decision makers by providing them with various reports that tackle risks, such as credit, operation, market, and liquidity risks.
Abdul Aziz Al-Bader, Manager, Risk Management Department at KFH, explained in a press release that the financial crisis changed many traditional concepts of risk management, which prompted KFH to follow up and conduct studies about risks, according to the new global updates.
He stressed on the importance of applying this Shariah compliant system and the direct impact that it will have on the levels of profit, the interest of the depositors, shareholders, and investments.
