“SAFA Bank” New Islamic Bank launched in Palestine
Temenos (SIX: TEMN), the software specialist for banking and finance, announces that SAFA Bank, a new Islamic banking entity launched in Ramallah Palestine, is now live on Temenos IslamicSuite.
SAFA Bank launched in Palestine with the main branch as the first bank in Palestine to run on Temenos core systems. ITSS, a Temenos partner, managed the project implementation and delivery. By deploying IslamicSuite, SAFA adopted a single core system to address all aspects of Islamic banking and is well suited to meet their needs in the retail and corporate banking sectors.
Commenting on this successful delivery of the project is Pierre Rafie, the Middle East Vice President of Sales from ITSS, “Demand for Islamic banking is outgrowing conventional banking. We worked with Temenos and SAFA Bank to devise a clear roadmap for every single phase of this Greenfield implementation, while ensuring the quality installment of the most effective Shari'ah compliant core banking system at the bank.”
Nidal Al Barghouti, General Manager of SAFA Bank said: “Temenos offers a best of breed Islamic banking solution, which is Shari’ah compliant and flexible, enabling us to continue to expand our presence in the market within Palestine and the West Asian region.”
Jean-Paul Mergeai, Managing Director for Middle East and Africa at Temenos commented: “By selecting Temenos IslamicSuite with its scalable innovative technology, SAFA Bank is best placed to leverage the high growth Islamic banking opportunity in Palestine with the flexible, low cost products that the market and customers dictate.”
Temenos Group AG (SIX: TEMN), headquartered in Geneva, is a market leading software provider, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 2,000 firms across the globe, including 38 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: over a seven year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications.
ITSS is a consulting company that specializes in services and solutions for core banking systems. The company founded in 2001 is headquartered in Geneva, Switzerland and operates across all continents with local field offices in Miami, Mexico, Luxembourg, Casablanca, Chennai, Nairobi, Johannesburg and Singapore. ITSS offers highly skilled consultants for Temenos Core Banking in Africa.
Safa Bank was established as a Public shareholding company registered with the Companies Controller in January 2016, and received the approval of the Palestinian Capital Market Authority on 16 May 2016, after that obtaining the approval of the Palestinian Monetary Authority (PMA) in the July 26, 2016, under the Banking Act, in order to engage in banking business compliant with Islamic sharia law. Safa Bank began actual activities in the September 22 2016 with a paid in capital of USD 75 million, which was collected by a group of founders and through an initial public offering.
The bank provides banking services that are compatible with the provisions of Islamic law, based on a clear vision to be the perfect choice for customers, through a banking services characterized by inclusiveness and excellence.