Keeping with its tradition of superior customer service, Sharjah Islamic Bank (SIB) signed an agreement with Temenos for its T24 core banking system‘. This is in line with the bank’s Business and IT Strategy to offer advanced banking products and services with rapid time to market.
The signing ceremony between SIB and Temenos was presided by the honorable SIB CEO, Mr. Mohammed Abdulla, Temenos CEO Mr. David Arnott, SIB DCEO Mr. Ahmed Saad , Temenos Director Mr. Amrik Tak, SIB Chief Risk Officer Mr. Mohammad Rizwan and SIB CIO Mr. Ravi Khanna
Commenting on the announcement, HE Mohammed Abdullah, SIB CEO, said, “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. Our selection of theT24 system highlights our commitment to technology and innovation enabling us to have a current customer centric platform. This will allow us to better support our core operations and channels to deliver a unique and differentiated customer experience in the UAE market”. According to Ahmed Saad, DCEO of Sharjah Islamic Bank “T24 for Islamic Banking will add significant value to SIB’s already strong product portfolio enabling the bank to meet its objective of being customer centric and offering innovative Shari’a compliant products delivered through integrated new generational delivery channels. T24 will help SIB achieve operational efficiency while maintaining full Shari’a standards and requirements. Customer satisfaction is, and always will be, our top priority and withT24 we aim to ensure that our customers have the best possible user experience coupled with Shari’a compliance”.
“SIB selected T24 for Islamic Banking after a rigorous process, including six months of careful study and a comprehensive search for the best IT solution provider that included tenders from leading global companies. The scope of Temenos’ system covers Islamic Retail and Corporate banking across all Assets and Liability products, Treasury, Trade Finance, Internet Banking, Mobile Banking and CRM. The new system is set to be fully operational and would go live in 16 months from the date of project kick-off”. Ahmed Saad went on to comment.
“The new technology platform will enable and drive SIB’s objective of product innovation, client centricity and scalability for future growth. We want to offer a complete range of modern, Shari’a compliant financial services solutions, underpinned by a distinctive customer experience and working with Temenos provides us with the opportunity to achieve that” Ahmed Saad Added.
Mr. 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 Shari’a 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.”
T24 offers 24x7 availability of services, with comprehensive business functionality and advanced, secure, scalable and modular architecture, allowing SIB to be strategically placed to meet the infrastructure and market challenges of the future.
Temenos’ strong track record, with T24 for Islamic Banking currently licensed to more than 50 banks, demonstrates its strength in providing top-of-the-line banking solutions that gains the trust of leading financial institutions like SIB.