Saudi Banking Giant Picks Temenos For Digital Transformation

Temenos, the banking software company, has announced that it has been chosen by Al Rajhi Bank, Saudi Arabia’s second largest bank and the world’s largest Islamic bank, to power its digital transformation journey.

The bank with total assets of over $97 billion has opted for a complete renovation using Temenos T24 Transact as well as a host of additional digital solutions, a statement said.

Headquartered in Riyadh and with a network over more than 570 branches, Al Rajhi Bank aims to introduce new lending products to the market and servicing its growing number of customers more quickly and efficiently. 

The new technology solution will also support Al Rajhi Bank’s growth ambitions and its vision to bridge the gap between modern financial demands and intrinsic Islamic values, the statement added.

The bank operates in more than 570 branches across Saudi Arabia as well as in Kuwait, Jordan and Malaysia.

Waleed Al Mogbel, deputy CEO, Al Rajhi Bank, said: “We are delighted to appoint Temenos as our strategic technology partner for our digital transformation. Temenos digital banking platform will enable us to transform faster, drive out complexity and lower our overall total cost of ownership."

Jean-Paul Mergeai, managing director Middle East & Africa at Temenos, added: "Temenos has a strong footprint in Saudi Arabia with 19 clients and this new signing further cements our presence in the country where we have been operating since the late 1990s."

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.

RECENT NEWS

Emicool Secures First-ever Green Financing To Boost Sustainable Growth

The liquidity generated will be strategically deployed to accelerate the company’s district cooling projects across t... Read more

UAEs Ruya Becomes First Global Islamic Bank To Offer Shariah-compliant Crypto Trading

Digital Islamic bank ruya teams up with Fuze to offer secure, ethical crypto investments aligned with Islamic financial... Read more

Startups In Abu Dhabis Hub71 Secured $2.17bn In Funding Last Year

Hub71 startups in Abu Dhabi saw massive increase in funding in 2024 as innovation economy thrives Read more

UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework

The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollou... Read more

PayPal Expands In MEA Region With Its Newly Launched Hub In Dubai

Will serve 80 countries in Middle East and Africa from its Dubai Internet City hub; Has signed several deals with regio... Read more

New Board Certifies DMCC Tradeflow As Fully Shariah Compliant

Shariah Supervisory Board appointed to oversee Tradeflow’s Islamic finance offering; Certified fully-compliant with A... Read more