Bank AlBilad is a new Islamic commercial bank, the Kingdomâs11th, who comes
from the merging activities of eight money exchangers. The bank got the Saudi
government license in November 2004 and will start operation in the coming
months. The bank will provide its customers with all banking products and services in compliance with the Sharia i.e. Islamic principle; these products and services will be delivered though the bank branches kingdom wide.
Stelink will be integrated with the Temenos core banking system to process
payments over SWIFTNet, SARIE (Saudi Arabian Local EFT) and Telex networks.
Mr. Azzam Abaalkhail CEO of Bank AlBilad says: "we have selected Stelink for its capabilities to connect to multiple networks and its local support in the Saudi Arabia.
Additionally, Sterci has facilitated to us the administrative process to join SWIFT as a new member".
Etienne Savatier, director marketing and international sales at Sterci says: "we are happy to partner with Bank AlBilad launching activities. This new project reinforce our leadership position in financial messaging solutions in the Middle-East. Sterci has decided to further develop its presence in the region with its participation to the SWIFT Regional Conference for the Middle-East in Dubai that will take place in March 1-3 2005, and through local partnerships.