Islamic finance systems provider comes to Kuwait

Malaysia's Microlink Worldwide and Technology World Corporation establish joint operations for Islamic finance systems

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By  Brid-aine Conway Published  April 13, 2008

A joint venture agreement has resulted in the creation of Microlink MENA, an Islamic banking systems provider to be based in Kuwait.

The agreement, signed between Microlink Worldwide Sdn Bhd of Malaysia and Kuwait-based Technology World Company (TWC), has set in motion Microlink MENA operations under newly-appointed CEO and chairman, Adel Buaijan.

Khaled Mohareb, chairman of TWC, said the growing demand for Islamic finance systems in the region was the motivation for his company's participation.

"Microlink's well-established quality of Islamic financial products and its commitment to R&D of new products will provide the sector with a whole range of superior solutions for their ever-expanding business needs," he added.

TWC will provide access to customers from banks and financial institutions, while Microlink brings a wide range of financial products to the table.

"An increasingly important consideration for customers in the MENA region and in Malaysia when choosing a solution is the fact that Microlink is one of the few companies in the world of Islamic finance solutions that is rated a CMMI Level 3 company. I am confident that this competitive advantage will do well for us in the region," said Microlink CEO Peter Yong.

The company is undertaking sales and support services of Microlink Banking Solutions in the UAE, Saudi Arabia, Kuwait, Lebanon, Syria, Jordan, Pakistan and Sudan, where it has already received a favourable response from United Capital Bank and Bank of Khartoum.

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