Arab Bank Plans Regional Centralized Credit Recommendation System

The Arab Bank, the regional leader in banking and financial services, expands the horizon of its internal online services offered to providers of corporate credit, by offering a Credit Recommendation System through a web-enabled platform to cover the entire region and all branches abroad.

The Credit Recommendation System will be developed and deployed by AlliedSoft, a Jordanian-based ICT company, and leads to the standardization, streamlining and information sharing of all credit requests, applications, and recommendations available at all branches.  The Amman-based service is designed to cover the automation of all credit requests and recommendations processes, procedures and policies, and workflow to service corporate credit service providers, while enabling the generation of different types of credit reports and ensuring integration with other Arab Bank applications.

Majed Abdul-Rahim, Head of Global IT at the Arab Bank states “We are excited about this new project which will enable our clients to base their credit-related decision making process on real-time information and tools, therefore drastically reducing risk factors and increasing efficiency levels.  Today’s banking services are increasingly geared toward value-added services for the client.  With our new Credit Recommendation System, the Arab Bank is positioning itself as a valuable credit consultant and advisor in addition to being a world-class banker”.  Since Jordan witnessed the rise and strengthening of it’s ICT sector and knowledge-based economy, the serious absence of e-commerce, whether B2B or B2C was often attributed to the virtual non-existence of reliable and updated credit information.  “Following the successful deployment of the Arab Bank’s Credit Recommendation System, we foresee the launch of a new credit-based lending era in Jordan and throughout the region”, comments Ra’ed Bilbessi, AlliedSoft’s CEO.

The project is scheduled to be online by October, 2005 and will initially cover branches in Jordan, and other countries in the Middle East. To learn more about the numerous benefits that will be offered through this exciting service, visit www.arabbank.com.