Temenos (SIX: TEMN), the banking software company, today announced that Alejma’a Alarabi Bank, one of the largest private banks in Libya, has chosen Temenos T24 Core Banking to renovate its IT infrastructure.
The bank chose T24 Core Banking, and also opted for a host of additional solutions including Islamic banking capabilities, Temenos Analytics & Reporting, Temenos Financial Crime Mitigation, Temenos Front Office Suite and Temenos Payments Hub.
Founded in Libya in 2003, Alejma’a Alarabi Bank, now has over 77,000 customers and 23 branches covering most cities in the country. Alejma’a Alarabi Bank operates as a commercial bank that provides a range of banking products and services including temporary deposits, letters of credit and guarantee, foreign exchange trading, personal safes, credit facilities, ATM services, money transfer, and other financial services. It also provides investment advisory services for businesspeople and investors.
The bank chose Temenos after a rigorous, competitive evaluation as it sought to enhance its speed to market with new products and services, as well as offer Islamic products for both retail and corporate customers. The software, being implemented by Prema Consulting, will support the bank in its growth ambitions and vision to offer class-leading services to its customers in Libya.
The Temenos model bank approach of providing pre-configured country-specific functionality will also help Alejma’a Alarabi Bank to meet Libya’s evolving regulatory requirements and business practices in an efficient and cost-effective way. The bank will leverage Temenos' global expertise and 25 years of experience in providing integrated, scalable packaged software, as well as Temenos' aggressive innovation roadmap, with 20% of revenues invested in R&D every year.
Dr. Hussein Zarrugh, Head of Project Management, Alejma’a Alarabi Bank, commented: “Our bank’s vision is to become the leading private bank in Libya. We selected Temenos as our strategic partner to power our digital transformation due to its strong reputation in the country and for its global expertise. We were impressed with the breadth and depth of functionality of Temenos’ digital banking platform, and feel confident that with Temenos we can innovate now and in the future.”
Jean-Paul Mergeai, Managing Director Middle East & Africa at Temenos, stated: "We are delighted to support Alejma’a Alarabi Bank to fulfil its digital visions and offer the highest quality of products and services to its customers. The Libyan banking industry is opening up, and we have developed a strong reputation and expertise in this market. We are best placed to support financial institutions with their core banking renovation projects as they expand into the digital era. The value of our country model bank, the real-time capabilities of our software and our strength in Islamic banking help financial institutions address the challenges of customer demands and evolving regulatory requirements. We look forward to working with Alejma’a Alarabi Bank as it continues to expand and transform the services it offers to its customers."