Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Al Wasatah Al Maliah, a newly established Islamic brokerage and investment house, has become the first non bank-backed financial investment services company in the Kingdom of Saudi Arabia to implement TEMENOS T24 (T24).
Al Wasatah Al Maliah signed with Temenos in February 2008 with a go live date scheduled for the summer of 2008. T24 will support all the company's operations in Saudi Arabia and the Gulf Corporation Council (GCC) states.
Al Wasatah Al Maliah has chosen Temenos Islamic Model Bank for Saudi Arabia, which includes pre-configured products and processes based on banking best practices. The system includes Sharia-compliant modules such as the Tadawul Trading Platform, Asset Management, CRM and Islamic Banking modules as well as a comprehensive Order Management System (OMS) that connects to multiple exchanges. This OMS is completely segregated from the company's back office system which supports trading for multiple exchanges, currencies, products and instruments.
Based in Riyadh, Al Wasatah Al Maliah plans to expand its branch network throughout the Gulf region. Bassam Bin Gheshian, Chief Operating Officer, Al Wasatah Al Maliah, says: "Our aim is to become a leader in the Islamic e-broking sector. We chose Temenos because we feel that it delivers the best technology on the market. T24 Model Bank will help us position our products and services in a way that will make them convenient and readily available to all investors. Using T24, our front- and back office staff can deliver a seamless service to customers in all business areas. This is a crucial part of our commitment to nurturing our clients with a view to helping them develop into well-informed, profitable investors."
Al Wasatah Al Maliah is currently formulating a strategic initiative to promote, market and position itself as one of the frontrunners of electronic broking (e-broking) in Saudi Arabia and the GCC and also plans to expand its market services coverage to other international exchanges.
Andreas Andreades, CEO of Temenos, adds: "This is a significant win for us as it highlights Temenos direct presence and commitment to non-bank institutions operating in the financial and capital markets. We have been delivering solutions to the brokerage sector in the Gulf region since the mid-1990s and Al Wasatah Al-Maliah's selection of T24 is further proof that these businesses can rely on us to help define best practice and deliver rich, out-of-the-box Islamic banking functionality that can support them without the need for modification."