Temenos (SIX: TEMN), the market-leading provider of mission-critical solutions to the financial services industry, today announces that it will be providing Sharjah Islamic Bank (SIB) with T24 for Islamic Banking, to enable it to offer a world-class banking experience to its customers.
SIB is replacing its existing core banking system due to its requirement for an advanced Islamic banking solution. Temenos T24 for Islamic Banking was selected over strong competition, owing to its flexibility to cope with different Islamic banking regulations. It will allow SIB to offer its customers newer and more innovative products, better service, and a unified experience across banking channels, while having confidence that they are in full compliance with Shariah laws and requirements. This will lead to a better customer experience and higher customer satisfaction overall.
Other selection criteria included Temenos' strong track record, with T24 for Islamic Banking currently licensed to more than 50 banks, as well as its ability to complete a fast, low-risk implementation.
SIB is a commercial and retail bank, with a rapidly expanding network of 26 branches throughout the UAE, supported by a growing number of ATMs and cash deposit machines. It was the first bank in the world to convert to Islamic banking in 2002.
SIB's decision to replace its core banking system replacement seeks to capitalise on the growth in Islamic banking demand in the UAE, whose vision to become the world capital of Islamic finance is set to see strong global growth in 2014, with the volume of the industry expected to exceed $2 trillion. In the UAE, Islamic banking assets were estimated at $83 billion in 2012, and are growing at a rate of around 13% per annum.
David Arnott, Temenos CEO said:
"We are delighted that SIB has chosen Temenos as its core banking system provider. The strength of Temenos' Islamic banking solution will allow SIB to become more customer-centric and responsive to market changes, enhancing its competitive position, while maintaining full Shariah compliance. The system will allow SIB to provide its services through web and mobile channels, in addition to offering access to its advanced reporting capabilities and analytics."
HE Mohhammed Abdullah, CEO at Sharjah Islamic Bank commented,
"Sharjah Islamic Bank prides itself on being a frontrunner for positive change in the financial services sector. We were the first bank in the world to take the leap towards becoming a fully Islamic financial services provider - with the continuous aim of providing the best possible services to our clients. With T24, we are once again forward thinking in bringing change and innovation to this sector. Our selection of Temenos' award winning product emphasises our commitment to technology and innovation and our approach of offering a complete range of modern Shariah compliant financial services solutions supported by distinctive and effortless customer experience."
 AlHuda Centre of Islamic Banking and Economics report
 Ernst & Young, World Islamic Banking Competitiveness Report 2013-14