Egyptian Mortagage automates with Polaris

Egyptian Mortagage automates with Polaris

Polaris'product for mortgage finance chosen by Egypt's mortgage company as first go-live

Monday, June 01, 2009

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EGYPT: 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.

This is claimed by a recent announcement with Summit Technology Solutions (STS), a Summit Holding company, where Polaris Software Lab Limited has inked a partnership and has made its first major product go-live in the Egypt market.

The product Intellect Lending, which is Polaris’ product for Mortgage finance, has been chosen by Tamweel, Egypt’s third licensed Mortgage Company and as per the release, is being claimed as the first to have such an automated system in Egypt.

Ahmed Zahran, CEO and managing director of Tamweel, added, “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.”

“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.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, ”said Bikash Mathur, CEO, Polaris EMEA.

Summit is a joint-venture between Orascom, Egypt’s business group and Sumitomo Corporation, a Japanese conglomerate. Summit is the holding company of Summit Technology Solutions (STS), Orascom Training & Technology (OTT) and Qemmah.

©CIOL Bureau