Temenos AG (SIX: TEMN), the Switzerland based banking software provider, announced on Wednesday it has been selected by Al Rajhi Bank, a Saudi Arabia-based bank, to enhance its Islamic lending and financing product capabilities. The bank has opted for a complete renovation using Temenos T24 Transact as well as a host of additional digital solutions including Temenos Infinity and Temenos Loan Origination product. Temenos reported that Al Rajhi Bank chose it to replace the bank’s current lending systems after a rigorous competitive evaluation.
“Implementing 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.”
Al Rajhi Bank now operates in more than 570 branches across Saudi Arabia as well as in Kuwait, Jordan, and Malaysia. The bank is planning to use Temenos’ global expertise and 25 years of experience in providing integrated, scalable packaged software, as well as Temenos’ continuous investment in R&D, which is 20% of revenues. While sharing more details about the collaboration, 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 the 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 experiences to our customers.”
Jean-Paul Mergeai, Managing Director Middle East & Africa at Temenos, added:
“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. We look forward to working with Al Rajhi Bank as it continues to excel by caring for its customers through the delivery of quality products and services.”