BML Istisharat software products in more markets

Far East, Russia are next targets

BML Istisharat, a locally-based provider of banking and insurance software products, has embarked on an expansion plan in the Far East and Russia. BML already has activities in Europe, the US, and the MENA region.

Joe Faddoul, Chairman of the company, said opportunity in the Russian market comes from the 2,000 banks active in the country. “They are all very interested in adopting the best international practices, and they see software solutions as a shortcut.”

Two years ago BML Istisharat branched out to Malaysia. The country is more developed than others in neighboring Asian markets and offers better opportunities than saturated markets like South Korea or Japan. Faddoul said Malaysia was a trial phase before penetrating the Far East: “Now that we have acquired experience in the Asian market, we will be reaching out to many countries there.” Indonesia and Thailand are potential targets.

According to Faddoul, Far Eastern markets have high potential because they were immune to the real estate and financial crisis that hit economies in the American system.

BML Istisharat serves more than 300 clients worldwide, and is ISO certified, Oracle certified and an IBM business partner. More than 85 percent of the company’s revenues derive from exported products.