Saudi Arabia-based Al Rajhi Bank and Palestine Islamic Bank (PIB) have selected Temenos AG to power their digital transformation and enhance their Islamic lending and financing product capabilities.
Al Rajhi has opted for a complete renovation using Temenos T24 Transact, as well as a host of additional digital solutions including Temenos Infinity and the Temenos Loan Origination product, according to a statement by Temenos.
The signing ceremony — which took place in Riyadh on Feb 26 — was attended by Al Rajhi deputy CEO Waleed Al-Mogbel, Temenos global development head Colin Jarrett, and Temenos MD for Middle East and Africa Jean-Paul Mergeai.
Al Rajhi is Saudi Arabia’s secondlargest bank and the world’s largest Islamic bank with total assets of over US$97 billion (RM396.73 billion). It has a network of more than 570 branches.
Al Rajhi Bank chose Temenos to replace its lending systems after a rigorous competitive evaluation.
The new software will enable the bank to introduce new lending products to the market, and service its growing number of customers more quickly and efficiently.
Al-Mogbel said it will also enable the bank to transform faster, drive out complexity and lower the overall total cost of ownership.
On March 6, Temenos said in a statement that PIB has opted for its cloud-native, cloud-agnostic Temenos Infinity and Temenos T24 Transact.
Temenos Infinity is described as an independent, omni-channel digital front office banking product which will help the bank offer fast, consistent and frictionless customer journeys.
On another note, Temenos T24 Transact is said to be the most complete core banking product leveraging the most advanced cloudnative, cloud-agnostic banking technology.
As part of these products, PIB is expected to benefit from Islamic banking capabilities, advanced analytics and reporting, as well as risk and compliance.
Founded in Palestine in 1995, PIB operates a network of 43 branches, making it the largest Islamic banking network in the country. — TMR