Al Rajhi Bank, which is claimed to be Saudi Arabia’s second largest bank and the world’s largest Islamic bank, has selected Swiss banking software firm Temenos to power digital transformation and growth.
Temenos will help Al Rajhi Bank to optimize its Islamic lending and financing product capabilities. It will provide its T24 Transact platform for complete renovation.
The bank will also use additional digital solutions such as Temenos Infinity and Temenos Loan Origination product, as part of renovation.
Temenos Middle East & Africa managing director Jean-Paul Mergeai said: “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.”
Temenos said it has been chosen by Al Rajhi Bank to replace its lending systems after a rigid competitive evaluation.
The implementation of Temenos software will allow the bank to launch new lending products to the market, facilitating to serve more number of customers effectively.
Temenos’ new solution will also enable Al Rajhi Bank’s to overcome gap between modern financial demands and inherent Islamic values.
Al Rajhi Bank will also take the support of Al Rajhi Bank to provide market-leading products and services to its customers via enhanced digital channels.
Temenos Islamic Banking Suite, along with Saudi Model Bank application, will support the bank to better meet regulatory requirements.
Al Rajhi Bank DCEO Waleed Al Mogbel said: “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.”
Based in Riyadh, Al Rajhi Bank is claimed to be Saudi Arabia’s second largest bank and the world’s largest Islamic bank with total assets of more than $97bn. It operates a network of more than 570 branches.
With more than 570 branches across Saudi Arabia, Al Rajhi Bank also carries out operations in Kuwait, Jordan and Malaysia.