# BML Istisharat

> Insurance and banking management software for financial institutions across the Middle East, Africa, and beyond

## At a glance

| Field | Value |
| --- | --- |
| Category | Core Administration |
| Type | Solutions Provider |
| Region | EMEA |
| Headquarters | Sin el Fil, Beirut, Lebanon |
| Founded | 1972 |
| Stage | Established |
| Employees | 51-200 |
| Funding | PE-Backed |

## Overview

BML Istisharat is a core administration and insurance software provider serving carriers, banks, and financial institutions across the Middle East, Africa, Europe, and North America. Founded in 1972 in Beirut, Lebanon, the company develops and maintains its own suite of insurance and banking systems -- including life insurance, general insurance, and Islamic insurance (Takaful) platforms -- and deploys them across a network of more than 250 financial institutions globally.

The company offers two primary insurance product lines: LIRIS for life insurance and reinsurance management, and CIRIS for general (P&C) insurance and reinsurance operations, each available in a Takaful-compliant variant. These are delivered alongside ICBS, an integrated core banking system. BML Istisharat emphasizes full in-house development and product ownership, with no reliance on third-party vendor components. Solutions support on-premise and cloud deployments, with integrations to payment networks including SWIFT and SARIE.

BML Istisharat was acquired by Mawarid Finance (Dubai-based) in March 2018 for USD 15M and operates as a wholly owned subsidiary of Mawarid Group. The company maintains offices in Lebanon, UAE, France, Iraq, and Malta and distributes through partners in 35+ countries. More than 60% of revenues come from exports to Western Europe, the US, and the Middle East.

## Products & services

### LIRIS \(Life Insurance & Reinsurance Integrated System\)

A comprehensive life insurance and reinsurance management platform covering policy lifecycle, claims, and reinsurance accounting for life insurance products.

**Key features:**

- Life insurance policy and product management
- Reinsurance treaty and facultative tracking
- Claims processing and actuarial support

*Target users:* Life insurance carriers and reinsurers

### LIRIS Takaful

An Islamic life insurance variant of LIRIS designed for Sharia-compliant Takaful operators.

**Key features:**

- Takaful fund management and surplus distribution
- Sharia\-compliant policy and contribution tracking
- Mudarabah and Wakalah model support

*Target users:* Takaful life insurance operators

### CIRIS \(General Insurance & Reinsurance Integrated System\)

A general insurance and reinsurance management platform for property and casualty lines, supporting the full policy and claims lifecycle.

**Key features:**

- P&C policy issuance and endorsement processing
- Claims management and subrogation tracking
- Reinsurance cession and recovery accounting

*Target users:* P&C insurance carriers and reinsurers

### CIRIS Takaful

An Islamic general insurance variant of CIRIS for Takaful operators in property and casualty lines.

**Key features:**

- Takaful contributions and fund management
- Sharia\-compliant claims handling
- Regulatory reporting for Islamic insurance markets

*Target users:* General Takaful operators

### ICBS \(Integrated Computerized Banking System\)

A core banking platform supporting deposits, lending, payments, trade finance, treasury, AML, and digital channel integration. Includes an Islamic banking variant (ICBS Islamic) and a next-generation release (ICBS G5).

**Key features:**

- Full banking product lifecycle management
- SWIFT and SARIE payment network connectivity
- AML \(anti\-money laundering\) compliance module
- ATM/POS switch management

*Target users:* Commercial banks and Islamic financial institutions

### IMAD \(Industrial Management and Distribution System\)

An enterprise resource planning solution for manufacturing and distribution sectors.

**Key features:**

- Inventory and supply chain management
- Financial accounting and reporting
- Manufacturing operations tracking

*Target users:* Industrial and distribution enterprises

## Category & focus

- Subcategories: Insurance policy administration, life insurance management, general insurance management, reinsurance management, Islamic banking and Takaful
- Insurance verticals: Life & Annuity, P&C Commercial, Reinsurance
- Target customers: Carriers, Reinsurers

## Notable customers

- Bank of Jordan \-\- 30\-year partnership; ICBS and ICBS G5 deployed across Jordan, Palestine, Syria, Bahrain, Iraq, and Saudi Arabia operations
- Corporate Private Investment \(CPI\) \-\- Lebanon\-based retail/SME/corporate lender; transitioned to ICBS G5 in under three months
- MedSecurities Investment \-\- Investment arm of Bankmed Group \(Lebanon\); adopted ICBS G5 following competitive evaluation
- Mawarid Finance \-\- Parent company; featured case study for Islamic core banking modernization on cloud

## Links

- Website: <https://www.istisharat.com>
- Directory profile: <https://insurtechlist.com/companies/bml-istisharat/>
- Clients: <https://www.istisharat.com/Clients>
- Linkedin: <https://www.linkedin.com/company/bml-istisharat>
- Press/news: <https://www.istisharat.com/Newsroom/Press>

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*Last updated: 2026\-06\-29*