SunTec VAT Compliance Solution Enables the World’s Largest Islamic Bank to Become Compliant in 3 Months

About the client:

The client, the largest Islamic banks in the world with total assets of SR 343 billion (US$ 90 billion), has over 58 years of experience in banking and trading activities. The client has a vast network of over 500 branches, over 118 dedicated ladies branches, more than 4,100 ATM’s, 46,000 POS terminals installed with merchants and the largest customer base of any bank in the Kingdom, in addition to 170 remittance centers across the Kingdom.

SunTec’s VAT implementation enabled the client to:

• To become VAT Compliant across retail and corporate banking entities
• Accurately process 4,200,000 transactions per month
• Automation of manual processes by uploading the debit and credit tax transactions directly