Al Rajhi Bank, Saudi Arabia’s second largest bank by assets has chosen Temenos to power its digital transformation journey.
In addition, Temenos will enhance the Islamic lending and financing product capabilities of Al Rajhi, the world’s largest Islamic bank.
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Specifically, Al Rajhi Bank is opting for a complete core banking renovation using Temenos T24 Transact. It will also deploy additional digital solutions including Temenos Infinity and Temenos Loan Origination product.
The bank says that implementing Temenos software will enable it to introduce new lending products to the market. And it says it will service its growing number of customers more quickly and efficiently.
The bank aims to grow while bridging the gap between modern financial demands and intrinsic Islamic values.
Al Rajhi Bank: 570 branch strong network
Al Rajhi Bank operates in more than 570 branches across Saudi Arabia as well as in Kuwait, Jordan and Malaysia.
Waleed Al Mogbel, DCEO, Al Rajhi Bank, says: “We are delighted to appoint Temenos as our strategic technology partner for our digital transformation. Temenos digital banking platform will enable us to transform faster, drive out complexity and lower overall total cost of ownership. Temenos has a worldwide reputation for robust, innovative banking software and an extensive presence and commitment in the Saudi Arabia.
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By GlobalData“With Temenos we will be able to introduce new and innovative products more quickly and help reduce operational costs. And offer cutting-edge digital experiences to our customers.”
Jean-Paul Mergeai, MD, Middle East & Africa, Temenos says:””We are proud to announce Al Rajhi as our latest signing. Temenos has a strong footprint in Saudi Arabia with 19 clients. This further cements our presence in a country where we have been operating since the late nineties.
“Our agreement with Al Rajhi Bank demonstrates our commitment to working with the region’s leading banks to power innovation, growth and success through our market leading technology.”
