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