Abu Dhabi, UAE – 21 December, 2004 – TEMENOS Group (SWX:TEMN), a provider of integrated core banking systems, today announced that Finance House, a public joint stock company, has signed an agreement with TEMENOS, on 2nd December 2004, to set up its core banking solution (TEMENOS T24™) and branch automation. Finance House will be launched in March 2005, with a capital of AED 200m, offering consumer and commercial financing services, including Islamic finance, for Abu Dhabi.
Finance House selected TEMENOS T24 after an extensive and thorough evaluation process, with the involvement of external consultants. Mohammed Alqubaisi, chairman of Finance House says: "We ensured that the selection process was detailed and rigorous, in order to arrive to at the most suitable vendor that will help us achieve our business goals. From the top twelve vendors in core banking and branch automation solutions, we chose TEMENOS because of its wealth of experience and the proven excellence of its technology being both modular and scalable, it can grow with our business to ensure world class business efficiency and unrivalled customer satisfaction."
The installation will begin with conventional banking, for both corporate and retail products. This will then be followed by Islamic banking, where TEMENOS will implement fully Shariah-compliant products. Thereafter, Finance House intends to roll out internet banking for all its customers.
TEMENOS T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open architecture, and uses established standards such as HTTP, XML and J2EE. It offers a single client view across the enterprise and can support huge numbers of users with true non-stop resilience. It offers multiple application server support and is the only system available with no end of day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.
Mr. George Koukis, chairman of TEMENOS adds: "We are very proud to sign this agreement with Finance House, being a new organisation with high standards and quality of processes and procedures, we are honored to be selected as its strategic IT partner. We look forward to the installation of TEMENOS T24 at Finance House, and to fully supporting Finance House in its goal to be one of the most professional and solid financial institutions in this region."