Sharjah Islamic Bank (SIB) is set to deploy Temenos’s core banking system T24 to enhance customer banking experience.
SIB will replace the existing system and use T24 core banking system to offer its customers with advanced Islamic banking solutions, while complying with Shariah laws and requirements.
The move by SIB is to capitalise on the growing demand for Islamic banking in the UAE, which is estimated at $83bn in 2012 and growing at a rate of 13% annually.
Temenos CEO, David Arnott, said 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 Shariah 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," Arnott added.
Sharjah Islamic Bank CEO, Mohammed Abdullah, said the selection of Temenos’ product emphasises their commitment to technology and innovation and their approach of offering a complete range of modern Shariah compliant financial services solutions supported by distinctive and effortless customer experience.