December 29, 2009
| Press Release
New Delhi, December 29, 2009:
Sakan Finance, Egypt selects Nucleus Software to Drive its Mortgage Finance Services
Nucleus Software (NSE: NUCLEUS, BSE: 531209), a leading global provider of integrated software products for banks and financial institutions, today announced that Sakan Finance, Egypt one of the newest mortgage finance companies in the Egyptian market, has chosen Nucleus Software’s award winning FinnOne™ Suite to power its mortgage finance services for higher productivity, efficiency, and flexibility of satisfying the ever changing needs of the Egyptian market.
From among a great competitive pitch, FinnOneTM was selected for its state-of-the-art modules, vast implementation experience, functionalities and domain expertise. An internationally proven product solution, FinnOneTM allows start ups like Sakan Finance for effective introduction of quick-to-market products and schemes best addressing a challenging environment. Mr. Vishnu R. Dusad, CEO and Managing Director
, Nucleus Software Exports Limited, said, “The Egyptian market offers a great opportunity for Nucleus’ products and is a key focus area for Nucleus’ growth strategy. This partnership with Sakan Finance will enable the company to penetrate the mortgage market more effectively and strengthen its position in the Egyptian market. Implementing a next-generation complete banking suite such as FinnOne™ will give Sakan Finance the technological edge in offering products and services to their customers.”
Being the second highest capitalized mortgage finance company in the Egyptian market to date, Sakan Finance is very aggressive in the mortgage services arena. Nucleus Software’s FinnOneTM will help Sakan Finance step up services and customer satisfaction by accelerating the processing time of applications for clients, from the time of their first visit to the company, throughout the lifetime of the repayment period.
Commenting on the partnership, Mr. Ahmed Haggag, consultant to the board of Sakan
, said, “We needed a software product to stay ahead of the curve in the dynamic Egyptian market. Apart from the rich functionality and open architecture, we are especially impressed with FinnOne™’s flexibility and scalability, which we feel is critical to our growth strategy. With FinnOneTM’s excellent track record in the global market we are confident that this project will be a huge success.”About Sakan Finance:
Sakan Finance is the newest mortgage finance company in the Egyptian market, and the first finance company to obtain a license from the newly formed “Egyptian Financial Supervision Authority” (EFSA), Sakan Finance is currently preparing to launch its services during December 2009. With a total start up capital of EGP 150 million, Sakan Finance becomes the second highest capitalized mortgage finance company in the Egyptian market to date. Sakan’s approved licensed capital stands at EGP 1 Billion. Sakan Finance plans to introduce seven key mortgage finance products as a part of its offering, four of them being completely new products to the market. Key shareholders in the new venture include the Housing and Development Bank with a stake of 28%, Al Yassin Holding with a 51% share, and the remaining 21% share held by a Dubai based investment group. Sakan Finance has appointed Mr. Fathi El Sebaie to the post of Chairman of the Board. El-Sebaie, also currently heads the Housing and Development Bank.