Al Rajhi Bank, the world’s largest Islamic bank selects Temenos to power digital transformation and growth

Temenos

Temenos (SIX: TEMN) (www.Temenos.com), the banking software company, today announced that Al Rajhi Bank, Saudi Arabia’s second largest bank and the world’s largest Islamic bank with total assets of over $97bn, has chosen Temenos to power its digital transformation journey and enhance its Islamic lending and financing product capabilities. The bank has opted for a complete renovation using Temenos T24 Transact as well as a host of additional digital solutions including Temenos Infinity and Temenos Loan Origination product.

The signing ceremony, which took place in Riyadh on February 26th, was attended by Mr. Waleed Al Mogbel, Deputy CEO at Al Rajhi, Colin Jarrett, Head of Global Development at Temenos, and Jean-Paul Mergeai, Managing Director Middle East & Africa at Temenons.

Headquartered in Riyadh, Saudi Arabia, and with a network over more than 570 branches, Al Rajhi Bank chose Temenos to replace its lending systems after a rigorous competitive evaluation. Implementing Temenos software will enable the bank to introduce new lending products to the market and servicing its growing number of customers more quickly and efficiently.  The new solution will also support Al Rajhi Bank’s growth ambitions and its vision to bridge the gap between modern financial demands and intrinsic Islamic values, whilst spearheading numerous industry standards and development. The bank, one of the most progressive banks in the Kingdom of Saudi Arabia, with a strong focus on customer-centricity, will also be able to offer market-leading products and services to its customers through enhanced digital channels.

The award winning Temenos’ Islamic Banking Suite coupled with its Saudi Model Bank application which includes global best practices and pre-configured local functions, will enable Al Rajhi Bank to cater for the specific Saudi regulatory requirements with a very short time and less efforts.

The bank operates in more than 570 branches across Saudi Arabia as well as in Kuwait, Jordan and Malaysia. The bank will leverage Temenos' global expertise and 25 years of experience in providing integrated, scalable packaged software, as well as Temenos' continuous investment in R&D, which is 20% of revenues – the highest in the industry.

Mr. Waleed Al Mogbel, DCEO, Al Rajhi Bank, commented: “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 our 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. With Temenos we will be able to introduce new and innovative products more quickly and help reduce operational costs, as well as offer a cutting-edge digital experiences to our customers.”

Jean-Paul Mergeai, Managing Director Middle East & Africa at Temenos, stated: “We are proud to announce Al Rajhi Bank as our latest signing in Saudi Arabia. Temenos has a strong footprint in Saudi Arabia with 19 clients and this new signing further cements our presence in the 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. Our business partnership with the world’s leading Islamic bank also demonstrates the excellence of our leading and multi award winning Islamic Banking Suite solution and our focus on delivering operational value and efficiency through digital technology to Islamic Finance. We look forward to working with Al Rajhi Bank as it continues to excel by caring for its customers through the delivery of quality products and services.”

Distributed by APO Group on behalf of Temenos.

Media Contact:
Jessica Wolfe 
Temenos Global Public Relations Manager
Tel: +1 610 232 2793
Email : jessica.wolfe@temenos.com

Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com 

About Al Rajhi Bank:
Founded in 1957, Al Rajhi Bank (www.AlRajhiBank.com.sa/en) is one of the largest Islamic banks in the world with total assets of SR 343 billion (US$ 90 billion), a paid up capital of SR 16.25 billion (US$ 4.33 billion) and an employee base of over 9,600 associates. With over 60 years of experience in banking and trading activities, the various individual establishments under the Al Rajhi name were merged into the umbrella 'Al Rajhi trading and exchange corporation' in 1978 and it was in 1988 that the bank was established as a Saudi share holding company. Deeply rooted in Islamic banking principles, the Sharia compliant banking group is instrumental in bridging the gap between modern financial demands and intrinsic values, whilst spearheading numerous industry standards and development.

With an established base in Riyadh, Saudi Arabia, Al Rajhi Bank has a vast network of over 570 branches, over 152 dedicated ladies branches, more than 4,794 ATM's, 74,612 POS terminals installed with merchants and the largest customer base of any bank in the Kingdom, in addition to 233 remittance centers across the kingdom. The first men's branch was opened in Aldirah in 1957, with the first ladies branch being opened in AlShmaisi in 1979.

About Temenos:
Temenos AG (SIX: TEMN) (www.Temenos.com), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and corebanking, payments, fund management and wealth management software products enabling banks to deliver both consistent, frictionless customer journeys and gain operational excellence. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit www.Temenos.com.
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Source: Apo-Opa

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