Riyadh, Saudi Arabia and Bangalore, India - December 15, 2014:
Al Rajhi Bank, one of the largest Islamic banks in the world and Wipro Arabia Ltd., a subsidiary of Wipro Ltd., (NYSE:WIT), a leading global information technology, consulting and business process services company, today announced the successful go live of Oracle FAHGL Program. This two year program has been a transformational journey for Al Rajhi Bank as it has moved from the legacy system to Oracle FAHGL. Wipro ensured a successful implementation of Financial Accounting Hub (FAH) at the bank, by integrating all banking systems through FAH, building a single repository for all financial data and developing an effective reconciliation and errors handling mechanism.
The shift to Oracle FAHGL has brought in operational efficiency at the bank especially in the Treasury, Risk and Card business operations. The reconciliation time has reduced, from three-four days to fifteen minutes and helped free up skilled banking experts for more analytical tasks. Implementation has also facilitated quality and timely management reporting and compliance of IFRS / IAS accounting principles.
Waleed Al-Mogbel, Chief Operating Officer, Al Rajhi Bank said, "FAH engine is most important to ARB for its digital transformation journey, enabling new types of innovation and creativity, which commenced with replacing the legacy MCGL by a modern GL, integrating all banking operations systems to build a single repository for all needed financial data, and develop an effective reconciliation, errors handling mechanism required for the Financial Reporting.
This is a remarkable milestone as it is one of the largest implementations in which Oracle FAHGL has been integrated with banking operating systems".
Thomas George, General Manager and Head, Wipro Arabia Ltd., said, "We are delighted to partner with Al Rajhi Bank. This project has been one of the most complex and largest Oracle FAH implementations executed by Wipro, integrating nine banking business applications having around forty eight sub-systems with Oracle GL. The successful implementation clearly demonstrates the maturity of Wipro Oracle practice in handling complex projects that have fixed timelines and costs".
He further added, "Our mission is to support the growth of our clients in their overall business results. We will continue to provide Al Rajhi Bank our support and commitment in stabilizing system continuity and improving the process and performance".
About Al Rajhi Bank
Al Rajhi Bank is one of the largest Islamic banks in the world with total assets of SR 288 billion (US$ 76.8 bn), a paid up capital of US$4.3 billion and an employee base of over 8,400 associates. Deeply rooted in Islamic banking principles, the Sharia compliant banking group is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.
With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank has a vast network of over 500 branches, over 120 dedicated ladies branches, more than 4,000 ATM's, 33,000 POS terminals installed with merchants and the largest customer base of any bank in the Kingdom, in addition to 130 remittance centers across the kingdom.
For more information, visit www.alrajhibank.com.sa
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Business Process Services company that delivers solutions to enable its clients do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360 degree view of "Business through Technology", helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner's approach to delivering innovation, and an organization wide commitment to sustainability, Wipro has a workforce of over 150,000, serving clients in 175+ cities across 6 continents.
For more information, please visit www.wipro.com
Media Contact:
Purnima Burman
+91 80 39916260
purnima.burman@wipro.com
Wipro Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
