PROFINANCE

Paris, 9 July, 2008 – French Software editor Fimasys continues its international expansion adapting its ProFinance software suite to the Islamic finance model. The Saudi French Consumer Finance Company Sofinco Saudi Fransi has selected ProFinance as 'The' motor finance solution for their auto dealer network throughout the country.

A Franco-Arabic cooperation crowned with success

The high growth French company (awarded with Label Gazelle in 2005 and 2006), specialising in credit management and leasing, set out in 2006 to capture the eastern market by adapting its ProFinance suite to the Saudi market needs and particularly to Islamic financing specificities.

In 2007 Fimasys started the project with Sofinco Saudi Fransi, a subsidiary of Crédit Agricole group already using the Fimasys solution in France. Chosen by the new Saudi French Consumer Finance Company, one of the very first financial institutions of its kind for consumer credit in Saudi Arabia, Fimasys is delighted to be working in collaboration with Sofinco Saudi Fransi. The French editor has installed its system ProFinance in the Saudi financial institution to manage the motor finance activity. A few months after the launch of the ProFinance system, selected dealers are now able to offer on line the entire range of Sofinco Saudi Fransi motor finance products to their clients. There are plans in place to roll out the online auto credit solution across the dealer network in the coming year.

Testifying for

Shehryar Ali Shah, Chief Executive Officer of Sofinco Saudi Fransi, shares with us his satisfaction after a few months operating with the system: « On setting up a new activity for Sofinco Saudi Fransi – motor finance -, Fimasys has provided us with a multicultural expert know how, as well as efficient solutions which have allowed us to launch our new activity in no time and to offer a very innovative technology solution to a promising market. »

« This Franco-Saudi experience has established us in the Islamic credit market thanks to a solution that meets the Saudi market expectations. Our efforts adapting our solution to that market were focused on: translating the solution into Arabic, ensuring compliance with the peninsula legal requirements and, of course, taking into account the financial products compatibility with the Shariah », adds Loïc Jaume, Project and Solution Integration Director at Fimasys.

Sofinco Saudi Fransi in brief

Sofinco Saudi Fransi (SSF) is a joint venture established by Banque Saudi Fransi and SOFINCO (a wholly owned subsidiary of Credit Agricole Group), operating in the consumer credit market in the Kingdom of Saudi Arabia. SSF as a specialist in consumer lending, offers a comprehensive range of financial products and associated services for Saudi Consumers. SSF has built a strong partner dealers network of 140 dealers with 340 showrooms across the Kingdom. This partnership network comprises of leading manufacturer dealers along with multi-branded dealers. SSF markets Islamic Financial products approved by Shariah. The current product portfolio includes automobile, motorcycle and household goods financing.

For more information on Sofinco Saudi Fransi, please visit us on our website: www.sofincosaudi.com