Software company Fernbach introduces Basel II software in Arabic

Software company Fernbach has translated its FlexFinance Basel II software into Arabic. The software, which aims to enable banks to comply with the regulatory requirements of the three pillars of Basel II, provides a centralised data management structure to aggregate risk information and create an all-encompassing risk profile of the financial institution. Some central banks such as those in Saudi Arabia and Egypt require Basel II reporting to be completed in Arabic.

Though Basel II is not mandatory throughout the Middle East, many countries have already begun implementation of the Accord, with the majority of the region expected to implement in line with the rest of Europe by 2008. “The key driver towards Basel II compliance is that any bank that wishes to do business with European banks must be Basel II compliant. Moreover, Basel II is winning popularity as a robust and intelligent methodology for responsible banks to refine their risk management to