Bank of Jordan puts core banking tech in Oracle cloud
BML Istisharat gains new live site; changes ownership
Bank of Jordan (Bahrain), a newly established subsidiary of regional banking group Bank of Jordan, has gone live with its new core banking system, ICBS (V.14), supplied by BML Istisharat.
The system is outsourced to the Oracle cloud – and the bank has become the first financial institution in the Middle East to deploy its core platform on Oracle cloud.
BML Istisharat: all change at the helm
Mawarid Finance, an investment group in the UAE that focuses on mid-sized businesses, has acquired the majority stake in BML Istisharat.
The Lebanon-based vendor says Mawarid’s involvement “will be primarily focused on seizing new growth opportunities, locally and internationally, and investing in its solutions and capabilities”.
Joe Faddoul, BML’s founder and long-standing CEO, will be handing over his chief executive responsibilities this year to new CEO Raji Challita. He will remain on the board of directors for three years.
Challita is “a pillar of the BML family”, the vendor states. He has been with the business for many years and “has all the necessary skills and experience to ensure the smooth continuation and growth” of BML Istisharat under new ownership.
Faddoul founded BML in the early 1970s. It has around 70 users of its flagship ICBS core banking system, primarily in the Middle East.
