Building trust in Qatar International Islamic Bank’s regulatory compliance
Qatar International Islamic Bank (QIIB) is a privately owned Islamic bank founded in 1990, which is licensed and regulated by the Qatar Central Bank (QCB). QIIB operates through a network of 19 branches in Qatar and is headquartered in Doha.
Client
Qatar International Islamic Bank
Industry
Financial Services
Our role
Help financial institutions worldwide to fully automate their regulatory reporti
Featuring
Personal and corporate banking
QIIB commissioned us to build a customised version of PwC’s fully automated reporting solution. We migrated the bank’s data onto the SAP HANA in-memory platform, which went live in July 2022. Our solution, tailored to meet QIIB and the central bank’s requirements, ensures full compliance, reduces the time taken to prepare reports, and eliminates mistakes and data inconsistencies.
Background to the project
In the past, QIIB typically required as many as six people, drawn from the bank’s finance, risk and IT departments, to prepare and share monthly, quarterly and annual statements with the regulator, as well as ad hoc reports on other topics. The process was time-consuming, with the potential for mistakes and inconsistencies due to a manual validation process.
As with offsite banking supervision requirements for other regulators, QCB’s reporting rules are based on the international standards set by the Basel Committee on Banking Supervision (BCBS). Our solution was customised to deliver data in line with the relevant standards and to interact efficiently with QCB’s portal.
Our role
PwC’s “Regulatory reporting for banking” digital solution is designed to help financial institutions worldwide to fully automate their regulatory reporting. The solution promotes financial transparency and builds trust with regulators and investors, who can be confident that the data is error-free, consistent and timely.
At QIIB, the solution enables finance, risk, business and IT teams to devote more of their time to value-adding tasks, rather than repetitively collecting, organising and validating data for regulatory reports. We have conducted a series of training workshops for relevant QIIB employees to ensure the bank has the in-house skills and know-how to operate the platform.
This upgrade of our reporting for Qatar Central Bank using the SAP-HANA system significantly enhances the way we operate, manage and deliver regulatory filings. PwC’s solution provides us with greater efficiency and flexibility to incorporate any changes.
Hossam KhattabCFO, Qatar International Islamic Bank
How we helped
Under its previous reporting system, QIIB faced a series of obstacles that slowed the process and undermined its efficiency and accuracy. The collection and validation of data required repetitive input from finance, risk and IT personnel whose time would have been better spent on value-adding activities. Furthermore, it was very challenging to eliminate errors and inconsistencies in the data, exposing QIIB to potential fines for late or incorrect reports.
PwC’s automated, end-to-end solution, which uses the SAP HANA data management platform, resolves all these problems, providing maximum transparency and reassurance to regulators and other stakeholders. Internally, we developed key performance indicators (KPIs) covering data accuracy, unmapped balances and submission completion, with input from QIIB, to ensure that the platform operates to its full potential through the validation process, which makes unmapped accounts available to users. As part of our engagement, we also conducted a series of training workshops to build the necessary in-house expertise to run the automated reporting process.
Impact and potential
Our solution has enabled QIIB to deliver accurate, timely financial reports, building trust with the regulator and goodwill with customers and investors, who know they can rely on the bank’s data. While the solution has been tailored specifically to meet QIIB and QCB’s requirements, it can be easily customised for other banks that face similar reporting challenges.
PwC’s reporting solution for Qatar International Islamic Bank delivers regulatory reports promptly and accurately, reinforcing the bank’s trustworthy reputation.
Mohamad KawtharaniDirector - Enterprise Solutions, PwC Middle EastWant to know how PwC can help you?
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