Leading banking software provider expands reach in Islamic banking
Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that it has topped IBS Journal’s Islamic banking core system league table of new name sales in 2013.
During 2013, Temenos made ten new-name sales of its Islamic banking solutions – almost a third of its total sales for that year. It now has over 48 Islamic banking customers across 18 countries, including Bank Syariah Mandiri, Indonesia, Meezan Bank, Pakistan, Sharjah Islamic Bank, UAE, Qatar Islamic Bank, Qatar, and Al Inma Bank, Saudi Arabia.
Temenos has a decade-long track record of supplying Islamic banking solutions benefits, and consequently benefits from a deep understanding of the Islamic banking market. Through a multi-product set, Temenos is able to accommodate the strong growth of Islamic banking, and hence the need for Islamic banks to update their technologies and expand their product offerings. Its core banking solution, T24 for Islamic Banking, enables banks to replace their legacy systems efficiently and in a low-risk manner, ensuring that they have the right platform in place to adopt and take new products to market, such as mobile and analytics.
As a mark of Temenos’ expertise within Islamic banking technology, it recently led the technology vendor seat at the Dubai Islamic Economic Roundtable Series 2014. At this prestigious event, Temenos and other leaders in the Islamic finance ecosystem, discussed current challenges and opportunities experienced by the industry. This series of roundtables follow the 2013 pronouncement of a group of initiatives to set up a comprehensive platform of Islamic economic products and services in the UAE.
Jean-Paul Mergeai, Head of Middle East, Temenos, said: “We are delighted to have achieved the top position in IBS Journal’s Islamic banking core system sales league table of new name sales in 2013. This positioning reflects our commitment to serving Islamic financial institutions through providing cutting-edge IT solutions that are fully compliant with Shariah principles. In fact these sales represent over 25% of our total new name sales for the year, demonstrating our commitment to developing our solutions for the Islamic banking market as a whole.”
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