Arab Investment Bank – Egypt (AIBK) is set to adopt a suite of products developed by Temenos, to increase its branch network and market share across deposits, loans, corporate finance and small and medium enterprise (SME) finance.
AIBK will use Temenos’ core banking application – T24, business intelligence product – Insight, trading platform – Treasury Trader, and other Islamic banking and advanced accounting and compliance products.
Temenos’ products will also allow AIBK to achieve IFRS and FATCA compliance. With the addition of T24, AIBK joins six other Egyptian banks that are already using the system.
The bank aims to increase the number of branches from current 13 to 18 in 2014, and also provide retail banking and Islamic products to consumers.
Temenos Regional Director MEA Amrik Tak said their products will position the bank at the edge of modern banking technology, providing it with the opportunity to supply both conventional and Islamic banking products to its customers.