Sharjah Islamic Bank has selected the Temenos T24 for Islamic Banking system to help improve the bank’s ability to deal with growing customer demand.
The bank will replace its existing core banking system with the Temenos offering, which runs on Microsoft Windows Server and SQL Server 2012.
Temenos T24 for Islamic Banking was selected due to its flexibility when dealing with various Islamic banking regulations. The core banking system will enable Sharjah Islamic Bank to offer a more innovative and improved service to customers.
Sharjah Islamic Bank is rapidly expanding its branch network in the United Arab Emirates (UAE), with the bank’s 26 branches home to a growing number of ATMs and cash deposit machines.
“Sharjah Islamic Bank prides itself on being a frontrunner for positive change in the financial services sector,” said HE Mohammed Abdullah, CEO at Sharjah Islamic Bank. “We were the first bank in the world to take the leap towards becoming a fully Islamic financial services provider – with the continuous aim of providing the best possible services to our clients. With T24, we are once again forward thinking in bringing change and innovation to this sector. Our selection of Temenos’ award winning product emphasises our commitment to technology and innovation and our approach of offering a complete range of modern Shariah compliant financial services solutions supported by distinctive and effortless customer experience.”
Temenos’ T24 for Islamic Banking is currently licensed to more than 50 banks. Sharjah Islamic Bank has replaced its core banking system to help adapt to the growth of Islamic banking in the UAE. The Islamic finance industry is expected to see significant growth in 2014, and UAE Islamic banking assets in 2012 were estimated at US$83 billion and are growing at a rate of 13% a year.
“We are delighted that Sharjah Islamic Bank has chosen Temenos as its core banking system provider,” said David Arnott, Temenos CEO. “The strength of Temenos’ Islamic banking solution will allow Sharjah Islamic Bank to become more customer-centric and responsive to market changes, enhancing its competitive position, while maintaining full Shariah compliance. The system will allow Sharjah Islamic Bank to provide its services through web and mobile channels, in addition to offering access to its advanced reporting capabilities and analytics.”
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