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Al Rajhi Bank selects Temenos to bolster lending system

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. (Image source: Temenos)

Al Rajhi Bank, one of the leading banks in Saudi Arabia, has selected 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.

Implementing Temenos software is expected to enable the bank to introduce new lending products to the market and servicing its growing number of customers.

The new solution is set to support Al Rajhi Bank’s growth ambitions and its vision to bridge the gap between modern financial demands and intrinsic Islamic values while spearheading numerous industry standards and development.

The bank, one of the most progressive banks in Saudi Arabia, with a focus on customer-centricity, will also be able to offer market-leading products and services to its customers through enhanced digital channels.

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 to the specific Saudi regulatory requirements.

Waleed Al Mogbel, deputy CEO at Al Rajhi Bank, commented, “Temenos digital banking platform will enable us to transform faster, drive out complexity and lower our overall total cost of ownership.”

“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 experience to our customers,” Al Mogbel added.

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