Temenos has announced today that the Saudi Arabian Islamic Bank Al Rajhi Bank has selected Temenos’ T24 Transact, Temenos Infinity as well as Temenos Loan Origination product in a bid to bolster its digital transformation, enhance its Islamic lending and financing product capabilities.
Mr. Waleed Al Mogbel, DCEO, Al Rajhi Bank, commented: “We are delighted to appoint Temenos as our strategic technology partner for our digital transformation. Temenos digital banking platform will enable us to transform faster, drive out complexity and lower our overall total cost of ownership. Temenos has a worldwide reputation for robust, innovative banking software and an extensive presence and commitment in Saudi Arabia. With Temenos we will be able to introduce new and innovative products more quickly and help reduce operational costs, as well as offer a cutting-edge digital experience to our customers.”
The supplier states that the Temenos software will enable the bank to introduce new lending products to the market and servicing its growing number of customers more quickly and efficiently. The new solution will also support Al Rajhi Bank’s growth ambitions and its vision to bridge the gap between modern financial demands and intrinsic Islamic values, whilst spearheading numerous industry standards and development.
The Temenos Islamic Banking Suite coupled with Saudi Model Bank will Al Rajhi Bank to cater to the specific Saudi regulatory requirements.
Jean-Paul Mergeai, Managing Director Middle East & Africa at Temenos, stated: “We are proud to announce Al Rajhi Bank as our latest signing in Saudi Arabia. Temenos has a strong footprint in Saudi Arabia with 19 clients and this new signing further cements our presence in the country where we have been operating since the late nineties. Our agreement with Al Rajhi Bank demonstrates our commitment to working with the region’s leading banks to power innovation, growth and success through our market-leading technology. Our business partnership with the world’s leading Islamic bank also demonstrates the excellence of our leading and multi-award winning Islamic Banking Suite solution and our focus on delivering operational value and efficiency through digital technology to Islamic Finance.”
Headquartered in Riyadh, Saudi Arabia, Al Rajhi Bank has more than 570 branches across Saudi Arabia as well as in Kuwait, Jordan and Malaysia.
Source IBSintelligence