Finance House selects TEMENOS T24 for its core banking solution
20 December 2004
Abu Dhabi, UAE – 20th December 2004: Finance House (PJSC) announced today that it has signed an agreement with TEMENOS Group, on 2nd December 2004, to set up its core banking solution (TEMENOS T24) and branch automation. The decision followed an extensive and rigorous evaluation process and the involvement of external consultants.
Mohammed Alqubaisi, Chairman of Finance House said: “Finance House ensured that the selection process was detailed and well thought through in order to arrive at the most suitable vendor that will help in achieving our business goals. Amongst the top twelve vendors in core banking and branch automation solutions, TEMENOS was selected, with experience in more than 500 banks worldwide, offering a fully integrated system that has an advantageous system modularity. We are confident in TEMENOS’s professionalism and attitude towards handling our core banking and branch automation project, as they provide a modern and scalable banking application capable of handling our requirements and future business volumes. TEMENOS is a strategic step towards servicing all the activities we intend to launch, with excellent business efficiency which will ensure top customer satisfaction”.
The installation will begin with conventional banking servicing corporate and retail products. This will be followed by Islamic banking, where TEMENOS will implement fully Shariah’ compliant products. Thereafter, internet banking will be implemented, allowing customers additional flexibility to log in and service themselves, conducting their banking transactions online.
Mr. George Koukis, Chairman of TEMENOS added: “We feel very proud to have signed this Agreement with Finance House, being a new organisation with high standards and quality of processes and procedures, we are honoured to be selected as its strategic IT partner. We look forward to the installation of TEMENOS at Finance House and to fully supporting Finance House in its goal to be one of the most professional and solid financial institutions in this region”.
-ENDS-
About Temenos
Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 590 financial institutions in 110 countries worldwide. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, Temenos knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project. Headquartered in Geneva, Switzerland, the company has 43 offices in 33 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). For more information please visit www.temenos.com
About Finance House (PJSC)
Finance House (PJSC), to launch in March 2005, with a capital of AED 200m, offers consumer and commercial financing services, including Islamic finance, mortgage financing, car financing, and other value added services to its customers. The mission of the Company is summarized as ‘Providing high quality and unique financing and investment products and service that satisfies the requirements of cross segments of the society. This will be achieved by allocating the best financial expertise and using modern technology in a way that will achieve high returns for investors, thereby, supporting the economic development of UAE’s economy’. Finance House’s Shareholders are composed of Abu Dhabi Investment Company (20%) and the National Investor (6.75%). The total number of shareholders is 189 which include investment companies, insurance companies, co-operative societies, charitable foundations, large family business groups and a well diversified segment of local society.
For more information on Finance House please contact:
Lamia Hariz
Fortune Promoseven
Abu Dhabi
Tel: +971 2 6658600
Mobile: +971 50 6824207
E mail: lamia.hariz@promoseven.com
For more information, contact:
Max Chuard
Temenos Director
Corporate Finance & IR
Member of the Executive Board
Tel: +41 (0) 22 708 1157
Email: mchuard@temenos.com
Ben Robinson
Temenos Investor Relations Manager
Tel: +44 (0) 207 290 3012
Email: brobinson@temenos.com
Bianca Morgan
Temenos PR Manager
Tel: +44 (0) 207 423 3751
Email: bmorgan@temenos.com
Chris Patmore
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3596
Email: chris.patmore@metia.com