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DIB – Matrix (Asset and Wealth Management Solution)

Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices and is the largest Islamic bank in the UAE. DIB is a public joint stock company and its shares are listed on the Dubai Financial Market. The bank currently operates 62+ branches in the UAE. DIB is involved in local and international partnerships in Pakistan, Turkey, and Jordan.

DIB’s Business Challenge

DIB provides full range of investment banking and wealth management products and services including: advising the clients on corporate strategy and structure, capital-raising in equity and Islamic funding markets, and sophisticated risk management.

  • Wealth Management Services – through which DIB’s customers can invest into various investment funds.
  • Asset Management Services – through which DIB can invest its own capital into various investment products.

DIB’s investment business is growing every day, new products are getting launched, and more customers are acquiring their services. Due to the increasing volume of business and a growing customer base, management of these services turned into a tedious and error-prone task. Therefore, DIB required automating and streamlining their processes to easily manage business and effectively provide innovative and better services to their customers. DIB required a solution to perform seamless integration with front and back office processes, reduce operational efforts, increase transparency and traceability of information, focus on revenue generation, and crossselling. Considering the need to have an application to manage the asset management and distribution business, a system was required to streamline their processes according to their business needs, therefore, giving more time to users to focus on their business-related activities. Avanza’s Value Proposition DIB was already using Avanza’s Matrix Suite (Investment Management Solution) to cover their direct equities and custodian services. Matrix Asset and Wealth Management module encompasses all aspects of Wealth Management business spanning Front, Middle, and Back office operations. With feature-rich interfaces, workflow-driven processes, support for standard investment instruments, framework to increase operational efficiency, and tools for relationship managers, it is the adequate choice for DIB’s Wealth Management Services. Avanza provided an automated solution to facilitate DIB’s Investment group’s activities through extended modules from Matrix Suite, which support asset and wealth management functionalities:

  • Fund Management
  • Portfolio Management
  • Application Processing
  • Order Processing
  • Fee Management
  • Corporate Action and Capital Repayments
  • MIS Reports
  • Alerts and Notifications for Customers
Matrix automates the complete order management and settlement process and provides SFA functionalities for their services. Matrix enables portfolio, customer, and asset management to a degree that reduces the time taken for DIB’s Front and Back Office processing, and enables relationship managers to effectively cross-sell to customers. Market evaluation and financial accounting is being managed seamlessly through the system, heavily reducing the time and effort spent in collating and generating reports for the management. Additionally, daily market evaluation is bringing down the investment risk as the management is getting up-to-date information on the market.
  • Enforce and streamline internal processes and reduce operational risks
  • 360 degree view of customer’s portfolio including current product holding, processed and unprocessed orders, and received corporate actions
  • A single platform to serve multiple business units and offer diverse investment products to customers
  • Increased operational efficiency, improved productivity levels, and operational visibility across the organization
  • Maximized opportunity for cross-selling and revenue generation
  • Seamless integration with other banking systems like core banking, internet banking, and SWIFT

“We wanted to expand our operations and ultimately grow our business, without considerably increasing costs. The solution we chose had to meet all our operational requirements which includes integration of back office services and interface for front office processing. We extended our relationship with Avanza by choosing them as a preferred partner for implementing the Investment Management Solution; Avanza’s innovative asset and wealth management offering has enabled us to enhance our service for the next tier of high-net-worth clients. We have been extremely impressed with Avanza’s team, their approach, and in-depth technical knowledge with a flair for the investment business.”

Mohamed Delawar (VP – Head of Islamic Finance and Investment Operations, Dubai Islamic Bank)


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