JOINT FILING AGREEMENT

                                                                       Exhibit 1

                             JOINT FILING AGREEMENT

         The undersigned hereby agree that the attached Statement on Schedule
13D relating to the Ordinary Shares, NIS 1.00 nominal par value per share of
Formula Systems (1985) Ltd. is filed on behalf of each of them.


         Date: September 26, 2006



                                       MENORAH HOLDINGS LTD.

                                       By: /s/Xxx Xxxxxx  /s/Yoni Tal
                                           --------------------------
                                       Name: Xxx Xxxxxx, Yoni Tal
                                       Title:   C.E.O, C.I.O

                                       MENORAH INSURANCE COMPANY LTD.

                                       By:  /s/Xxx Xxxxxx  /s/Yoni Tal
                                           ---------------------------
                                       Name: Xxx Xxxxxx, Yoni Tal
                                       Title:   C.E.O, C.I.O

                                       MIVTACHIM PENSION FUNDS LTD.

                                       By: /s/ Xxxx El-On   /s/Xxxx Xxxxx
                                           ------------------------------
                                       Name: Xxxx El-On, Xxxx Xxxxx
                                       Title:   C.E.O, C.I.O

                                       MENORAH FINANCE LTD.

                                       By: /s/ Xxxxxx Xxx Xxxxxxx  /s/Yoni Tal
                                           -----------------------------------
                                       Name: Xxxxxx Xxx Xxxxxxx, Yoni Tal
                                       Title:   C.E.O, Director

                                       MENORAH MIVTACHIM PROVIDENT FUNDS LTD.

                                       By: /s/ Xxxxx Xxxxx /s/Xxxxxx Xxx Xxxxxxx
                                           -------------------------------------
                                       Name:  Xxxxx Xxxxx, Xxxxxx Xxx Xxxxxxx
                                       Title:    C.E.O, Director


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                                       MENORAH MIVTACHIM MUTUAL FUNDS LTD.

                                       By: /s/Xxxxx Xxxxxxx/s/Xxxxxx Xxx Xxxxxxx
                                           -------------------------------------
                                       Name: Xxxxx Xxxxxxx, Xxxxxx Xxx Xxxxxxx
                                       Title:   C.E.O, Director




                                            19