Tamweel Deploys Polaris' Intellect Lending Mortgage Product in Egypt
IT News Online Staff
2009-06-04
Polaris Software Lab Ltd. announced that its product for mortgage finance, 'Intellect Lending', has been chosen by Tamweel, Egypt's third licensed mortgage company to boost its time-to-market. Tamweel is the first to have such an automated system in Egypt.
The company said the Tamweel contract is its first major product go-live in the Egypt market and was carried out through its partnership with Summit Technology Solutions, a Summit Holding company.
Polaris has leveraged the features of its Intellect Lending product to help Tamweel become one of the first of its kind to be technology-led in the mortgage finance space in Egypt. Summit Technology Solutions has been instrumental in helping Polaris with its go-to-market strategy for Egypt as well as offering implementation and support services in Egypt and the Middle East.
Bikash Mathur, CEO, Polaris EMEA, said, "I'm pleased to share that Tamweel is all set to reap the benefits of Intellect's Mortgage product such as faster and business rule based decision for loans processing, regulatory reports based integrated system with Mortgage Financial Authority, Central Bank of Egypt. Tamweel's choice of Intellect Lending has been a significant development and is a testimony to our solution offering for rapid market growth and quick time-to-market conditions. I'm very happy with the way the Polaris-Summit relationship has matured over the years."
Ahmed Zahran, CEO and Managing Director of Tamweel, said, "Tamweel being set-up recently to tap into the opportunities in the mortgage financing market has experienced a strong growth so far. Pivotal to succeeding in this plan is to have a competitive turn around time to satisfy our customers. We were looking for a solution with rich functionalities which will also give us ramp-up flexibility; after looking into Polaris' Intellect Lending architecture along with Summit Technology Solutions' value offering and comparing it against other such products it came out strongly and we choose it. Our experience through out the implementation and after go-live gives us the confidence that we are set to achieve our goals in full."
Ali Sakr, Managing Director, Summit Technology Solutions, said, "We have experienced a promising growth trend within the financial sector across our clients and prospects. With increasing technology needs to drive this growth, we have successfully partnered with Polaris and are pleased with the combined offering to fulfill Tamweel's needs in the implementation and support services."
"Polaris' comprehensive product platforms including credit cards, wealth management, consumer finance and risk would help us offer quick time to market solutions for Banking, Financial and Insurance companies," added Sakr.
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