UIS signs for Islamic Real Estate Financing & Vehicle Leasing
Temenos, the global provider of banking software, today announced that United Installment Sales Co. Ltd. (UIS), an Abdul Latif Jameel Company (ALJ) and the exclusive distributor of Toyota, Lexus & Daihatsu in Saudi Arabia, has signed an agreement to utilise Temenos’ market leading core banking solution, T24, for its Islamic Real Estate Financing & Vehicle Leasing transactions.
Abdulraheem Kamel Abdulraheem As'ad, Projects Manager, UIS IT Division said: “In a rapidly growing financial services sector, businesses differentiate themselves by providing new services and products to the market and having a competitive edge over competitors. IT should align and fulfil the requirements for business growth; therefore we selected Temenos T24 to provide us with a very agile and dynamic solution which allows the business to introduce new services and products on-time to the global market.”
The latest version of T24 includes significant enhancements that enable Temenos to enhance its Islamic Banking offering, including Sharia-compliant automated workflows, allowing Islamic Banks to streamline processes such as booking Murabaha, Mudaraba, Istisnaa or Ijara contracts with enhanced operational efficiency. Built in controls within T24 Islamic will ensure that all booked contracts and accounting entries are fully legal from the Islamic Banking perspective. Temenos is able to build on core strengths in its banking solutions portfolio, and leading credentials in core banking, BI, mobile banking and private wealth.
The signing of the agreement, which took place at MEFTEC, the financial technology conference for emerging markets, is another indication of Temenos’ growing success in the Middle East and ability to cater for all types of Islamic financial institutions. Temenos was recently ranked second in the Islamic Banking space by Gartner Market Trends - Islamic Banking and the Arab Spring - March 2012, making it to the highest position for a non-pure play Islamic Banking vendor. According to the report, ‘the most important trend in buyers' behaviors is the solid growth in commercial-off-the-shelf (COTS) system sales, which are dominating the market compared with internally developed software.’ Temenos was rated the highest possible in the category of ‘Internal Software Replacement With COTS Systems’ allowing Temenos clients to ‘avoid the cost and maintenance of expensive internally developed software, as well as to speed up delivery of such products into the market.’
Temenos was also listed as the Top Islamic core systems vendor in the IBS Intelligence June 2011 report for previous year’s sales.
Bernard Delahaye, Regional Director of Southern Europe, Middle East, North Africa, Temenos, commented: “Temenos continues to be very successful in the Middle East with our Islamic Banking Model. A key reason for this is that we ensure that Islamic functionality is not just a collection of local developments, but part of the core T24 solution, which benefits all banks globally.“
“Under the leadership of Darryl Proctor, Head of Islamic Banking product strategy, and our product experts such as Fadi Yazbeck, we have an excellent regional team, who understand the current market, future market, and T24’s Islamic Banking capability within these areas,” he concluded.