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Bank Islam selects T24 for Shariah-compliant banking

14 January 2008  |  10079 views  |  0 Temenos

Bank Islam Malaysia Berhad is implementing the T24 modular core banking platform from Swiss vendor Temenos to provide Shariah-compliant services to customers in branches and via the Internet.

Temenos says the bank is implementing a pre-configured version of its platform - T24 Model Bank - to replace a Silverlake core banking system and an Internet banking platform supplied by i-flex at the bank.

T24 will support operations in 90 branches across Malaysia as well as online customers. The vendor says the bank is also implementing Islamic and Universal banking products and processes to ensure compliance with Shariah laws and principles.

Dato' Zukri Samat, MD, Bank Islam, says: "We have a rapidly expanding customer base of both Muslim and non-Muslim customers and needed a core banking system that could provide breadth of functionality, flexibility and the ability to quickly roll out innovative products to our market."

The platform, to be rolled out by a joint implementation team, will be deployed on IBM P-Series Unix servers and an Oracle database.

The system is expected to go live in the fourth quarter of 2008.

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