Through the application of their award-winning Sharia’a compliant financial technology, ETHOS AFP™ (ETHOS), DDCAP Group™ (DDCAP) supported Boubyan Bank in the successful implementation of Boubyan’s digital approach to processing Sharia’a compliant Corporate Credit transactions. Boubyan Bank selected the Straight Through Processing (STP) capabilities of ETHOS based upon the extended functionality of the Platform. ETHOS offers multiple, bespoke application programming interfaces (API) and dedicated web services that have been specifically developed for high-volume clients operating in both the wholesale and retail financial markets. This direct connectivity will be controlled from Boubyan Bank’s core system, without manual intervention, ensuring that operational and post-trade risks for Boubyan Bank are appropriately mitigated. Additionally, the digital processing of transactions has been seamlessly integrated with Boubyan Bank’s trade execution protocols, providing an enhanced transparency to further substantiate Sharia’a compliance requirements. DDCAP Group™ Managing Director, Stella Cox CBE, said: “We are extremely proud to have played a role in supporting Boubyan Bank to extend its digital environment. Whereas we continue to strive to ensure that our ETHOS Platform offers our clients the most comprehensive and efficient solution to STP in our market sector, we are honoured by Boubyan’s selection of us and by their endorsement. It has been a privilege to work with the knowledgeable and supportive Boubyan executive team throughout this process. Our sincere thanks, both to our own, esteemed Sharia’a Supervisory Board and to Boubyan’s for their ongoing guidance and support in the development of DDCAP Group™ services and technology solutions, including ETHOS and its functionality.” Chief Executive Officer of Corporate Banking Services at Boubyan Bank, Abdulsalam Al-Saleh said: ” The recent years have witnessed rapid and successive developments that made Islamic finance “Murabaha” one of the most important means of financing sought by everyone. More paper-to-electronic transformation, or what is known as the digitization of Murabaha, would expedite obtaining financing and facilitate procedures in order to meet the requirements of customers wishing to obtain Islamic financing quickly and comfortably.” Regarding the partnership with DDCAP Group™, Mr. Al-Saleh said that “Boubyan, with this step, will be the first bank in Kuwait to integrate fully with the ETHOS AFP™ commodities platform of the global DDCAP Group™, in order to achieve better levels of customer service with the greatest level of trust and less user interference, and to provide fast and accurate customer service. For his part, General Manager of Corporate Banking Group at Boubyan Bank Ashraf Swailem said: “Innovation and creativity are the main key to the success of our strategy at Boubyan Bank, and by following the flexible approach and introducing a number of products that are offered for the first time in Kuwait to our customers, we seek to support our customers by providing them with new, advanced and easy-to-use products.” He added: “Boubyan Bank aims to provide distinguished banking services to all sectors and companies of all sizes, with a focus on developing and enhancing digital services and products in order to meet customers’ needs and aspirations”.
