Yemen-based Al Kuraimi Islamic Bank (KIB) has tapped cloud-banking software company Temenos to accelerate its digital transformation.

KIB will use Temenos Infinity and Temenos Transact to remove legacy software and deploy a cloud banking platform.

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Yousif Alkuraimi, KIB CEO, said: “We selected Temenos as our technology partner for its functionally rich and technologically advanced cloud-native software and for its depth of experience supporting Islamic banks in this region.”

Through the partnership, KIB will have access to Temenos Islamic Banking, which combines modern consumer demands and Islamic values.

Alkuraimi added: “Temenos differentiated itself from other vendors in its unique ability to combine core Islamic values with modern digital banking services.

“Temenos’ cloud-native technology will transform our operations by driving incredible efficiency gains. It will also improve the standard of living for individuals and the prospects for businesses in Yemen.”

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The bank currently has 1.2m customers and aims to reach 5m by 2023.

“Challenging and unprecedented times”

Jean-Paul Mergeai, Temenos managing director for Middle East & Africa, said: “We are delighted to support Al Kuraimi Islamic Bank with a proven solution tailored to the needs of this important market. Temenos understands the power digital banking has to boost social and economic development, especially in light of these challenging and unprecedented times.

“We believe that with cloud-native, cloud-agnostic and API-first technology we can support banks to reap the benefits of digital transformation. Additionally, we can deliver vital digital financial services to their customers at this critical time. This is a pivotal moment for KIB and we are excited to support them on this ambitious journey towards innovation and financial inclusion.”

Last month, Temenos teamed up with ClearBank to provide banks with access to UK payment systems.