*
*
*
*
*

Resource Center

MoneyWare Cloud offers Scalability and Flexibility of a Virtual Infrastructure to a leading Islamic Insurance Company

Wealth management software, Wealth management solution, Wealth Management System, Wealth Management reporting software, Wealth management on Mobile, Investment Management Solution, Investment Management Software, Investment accounting software, Investment Compliance Solution, Custody Solution, Custody Software, Annex 4 reporting Solution, Annex 4 reporting Software, AIFMD Compliance Software, AIFMD Compliance solution, Asset management software, Asset Management Solution, UCITS Compliance Solution, UCITS Investment And Borrowing Restrictions, UCITS Borrowing Restrictions, Pension funds software, Fund management software, Fund management Solution, Fund Accounting, Fund Accounting Solution, Fund accounting software, Private Banking Software, Portfolio Management Software, Portfolio Management System, Portfolio Management, Financial Planning Software, Islamic Wealth Solution, Revenue And Incentive Management System, Cloud Based Investment Platform, Order Management, Order Management Software, Order Management solution, Wealth Management Financial Planning Portfolio Management System Portfolio Risk & Analytics Family Office Solutions Fund Accounting Real Time Trade Execution Revenue & Incentive Management Mobile Solutions Islamic Banking Solutions Trust Banking Solutions Fund Management UCITS, Derivatives and Liquidity Monitoring Global Disclosures Monitoring AIFMD + Annex IV Reporting Fundware for Depositaries Enterprise Data Management Pension Funds Lending Solutions & Collateral Management Custody Solutions Reporting Services Wealth Management Asset Management Portfolio Management Financial Planning Family Office Solutions Fund Management Pension Funds Regulatory Reporting Revenue and Incentive Management Collateral Management Lending Custody Services Trust Banking Solutions Managed Services Support & Integration Services SaaS Investment Compliance and Regulatory Reporting Fund accounting software Order-Management-Software Order Management solution Wealth management on Mobile Financial Planning Software Asset management software Asset Management Solution Portfolio Management System

icon

Client Summary

The client is the first Islamic Insurance Company in the Kingdom of Bahrain established in 1989. The company provides insurance coverage and services that cope with the dynamic, ever evolving client needs in the new era. Over the past 25 years, the company was able to achieve a high ranking position and build upon a trustworthy reputation in the market.

Client Challenges

  • Manual process for investment management and accounting.
  • Difficulty in monitoring controls – Investment Compliance (Sharia) and Brokerage controls; had to be handled manually.
  • Increasing IT Infrastructure & maintenance cost
  • Lack of high level MIS reporting Automation in reporting
  • Data Storage & limited reporting capabilities
  • Meeting Multi-currency requirements

Quick Facts

  • Automation of internal processes including multicurrency, sharia norms, etc
  • Highly scalable and flexible
  • Real-time data analysis and reporting
  • Automated fund accounting & net assets computation

Solution

  • MoneyWare Cloud

The Miles advantage

MoneyWare cloud provided cloud-based investment management and accounting solution which simplified market data and integrated traditional data feeds – flat file processing, data cleansing and parsing, and ongoing system maintenance with cloud APIs that deliver market data directly to the end-user applications.

Solution Implemented

  • Due to the flexibility now the client can take care of its operations across different time zones like, Bahrain, USA, Britain, India, etc.
  • It provided flexibility and scalability to investment managers, fund managers, etc. to operate the system from remote locations.
  • Complying with Sharia norms, internal rules for investments and brokerage control
  • Auto generate regulatory reports
  • Facility to create custom reports to cater to needs of different stakeholders through the Business Analytics and Reporting (BARS) tool
  • Automation of trade recon process and custodian holding recon process
  • Automation in Cash Management – system tracks the cash flow for banks
  • Facilitate implementing bond amortization functionality through system (this was not done previously) Facility to extract GL (Investment Ledger) output for upload in core accounting system (manual creation of file not required since system facilitates download of file for upload)
  • Fund Accounting and Net Assets computation auto managed in system – manual intervention not needed. Net Assets are further calculated using two approaches – accounting and (Investments + Cash & Cash Equivalents) approach making it possible to auto reconcile net assets using two methods.

Solution Benefits

  • Scalable and flexible solution which can be accessed from remote locations.
  • Reduced data management & IT Infrastructure cost to ¼ compared to on premise IT set-up and maintenance cost
  • Real-time data analysis and reporting
  • Easy access to the application providing flexibility to operate even from remote locations.
  • Automation of internal operations including multi-currency, Sharia norms, etc.
  • Consumes operation time difference across geographies like Bahrain, USA, UK and India thus streamlining their internal processes

Click here to download the reprint version of the article

Wealth management software, Wealth management solution, Wealth Management System, Wealth Management reporting software, Wealth management on Mobile, Investment Management Solution, Investment Management Software, Investment accounting software, Investment Compliance Solution, Custody Solution, Custody Software, Annex 4 reporting Solution, Annex 4 reporting Software, AIFMD Compliance Software, AIFMD Compliance solution, Asset management software, Asset Management Solution, UCITS Compliance Solution, UCITS Investment And Borrowing Restrictions, UCITS Borrowing Restrictions, Pension funds software, Fund management software, Fund management Solution, Fund Accounting, Fund Accounting Solution, Fund accounting software, Private Banking Software, Portfolio Management Software, Portfolio Management System, Portfolio Management, Financial Planning Software, Islamic Wealth Solution, Revenue And Incentive Management System, Cloud Based Investment Platform, Order Management, Order Management Software, Order Management solution, Wealth Management Financial Planning Portfolio Management System Portfolio Risk & Analytics Family Office Solutions Fund Accounting Real Time Trade Execution Revenue & Incentive Management Mobile Solutions Islamic Banking Solutions Trust Banking Solutions Fund Management UCITS, Derivatives and Liquidity Monitoring Global Disclosures Monitoring AIFMD + Annex IV Reporting Fundware for Depositaries Enterprise Data Management Pension Funds Lending Solutions & Collateral Management Custody Solutions Reporting Services Wealth Management Asset Management Portfolio Management Financial Planning Family Office Solutions Fund Management Pension Funds Regulatory Reporting Revenue and Incentive Management Collateral Management Lending Custody Services Trust Banking Solutions Managed Services Support & Integration Services SaaS Investment Compliance and Regulatory Reporting Fund accounting software Order-Management-Software Order Management solution Wealth management on Mobile Financial Planning SoftwareAsset management software Asset Management Solution Portfolio Management System