Al Rajhi Bank Accomplishes Automation of Accounting Records and Management Reports

28 December 2014

Al Rajhi Bank and Wipro Arabia Limited, subsidiary of the international Wipro Technologies, a pioneering company in Information Technology and provision of consultation services, declared operating Oracle FAHGL successfully.

This two-year design program is considered a turning point for Al-Rajhi Bank, as it has moved from the legacy system MCGL to Oracle FAHGL. Designing and development of this program involved linking all banking systems to the FAH that builds a new united storage to collect the financial data to develop an active mechanism of accounting settlement and errors handling.

This shift has brought in operational efficiency at the bank especially in the treasury, risk and cards operations. The reconciliation time is reduced from three-four days to fifteen minutes and helped free up banking experts for more analytical tasks. Implementation also facilitated quality and timely management reporting and compliance of IFRS/IAS accounting principles.

This program represents the first stage in the path of Technology transformation that enables employees to utilize the recent innovations within the work environment to develop an operational mechanism linking MCGL/FAHGL to the accounting transaction systems.

Nine accounting transactional applications were linked including 48 subsidiary systems to the MCGL/Oracle GL, that eventually support customers' growth and development of all bank activities.

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