Al Wasatah Al Maliah selects TEMENOS T24 Model Bank to support new e-brokerage

06 May 2008

GENEVA, Switzerland, 6 May 2008 - Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Al Wasatah Al Maliah, a newly established Islamic brokerage and investment house, has become the first non bank-backed financial investment services company in the Kingdom of Saudi Arabia to implement TEMENOS T24 (T24). Al Wasatah Al Maliah signed with Temenos in February 2008 with a go live date scheduled for the summer of 2008. T24 will support all the company’s operations in Saudi Arabia and the Gulf Corporation Council (GCC) states.

Al Wasatah Al Maliah has chosen Temenos Islamic Model Bank for Saudi Arabia, which includes pre-configured products and processes based on banking best practices. The system includes Sharia-compliant modules such as the Tadawul Trading Platform, Asset Management, CRM and Islamic Banking modules as well as a comprehensive Order Management System (OMS) that connects to multiple exchanges. This OMS is completely segregated from the company’s back office system which supports trading for multiple exchanges, currencies, products and instruments.

Based in Riyadh, Al Wasatah Al Maliah plans to expand its branch network throughout the Gulf region. Bassam Bin Gheshian, Chief Operating Officer, Al Wasatah Al Maliah, says: “Our aim is to become a leader in the Islamic e-broking sector. We chose Temenos because we feel that it delivers the best technology on the market. T24 Model Bank will help us position our products and services in a way that will make them convenient and readily available to all investors. Using T24, our front- and back office staff can deliver a seamless service to customers in all business areas. This is a crucial part of our commitment to nurturing our clients with a view to helping them develop into well-informed, profitable investors.”

Al Wasatah Al Maliah is currently formulating a strategic initiative to promote, market and position itself as one of the frontrunners of electronic broking (e-broking) in Saudi Arabia and the GCC and also plans to expand its market services coverage to other international exchanges.

Andreas Andreades, CEO of Temenos, adds: "This is a significant win for us as it highlights Temenos direct presence and commitment to non-bank institutions operating in the financial and capital markets. We have been delivering solutions to the brokerage sector in the Gulf region since the mid-1990s and Al Wasatah Al-Maliah’s selection of T24 is further proof that these businesses can rely on us to help define best practice and deliver rich, out-of-the-box Islamic banking functionality that can support them without the need for modification.”

TEMENOS T24 is a functionally rich, scalable, and proven integrated banking system. It is delivered as a pre-configured Model Bank solution that incorporates industry best-practice, enabling fast and predictable implementations and immediate, measurable benefits. Temenos’ Model Bank approach allows a fast ROI and a highly flexible and responsive approach to banking ensuring maximum business agility based on T24’s flexible features. T24 offers integrated and comprehensive information on the institution at all times including a single customer view, and a single view of the enterprise including risk and profitability.

T24 incorporates modern technology including a comprehensive Service Orientated Architecture (SOA), fully enabled for standard, SOAP (Simple Object Access Protocol) web services, and BPEL process execution and compliant with industry leading ESBs (Enterprise Service Buses). T24 can be deployed on fully scalable, multi-server n-tier architecture. It provides a full front-to-back solution from electronic delivery channels such as mobile devices and internet banking right through to settlement, general ledger and other back office functions all in a fully integrated, reliable and cost effective environment. Temenos’ total commitment to open standards enables its customers to benefit from the latest advances in technology ensuring business agility, continuity, data integrity and reduced downtime delivering a significant, immediate and ongoing return on investment.

 

-ENDS-

About Al Wasatah Al Maliah

Al Wasatah Al Maliah is a newly established company licensed to provide financial investment services in the Kingdom of Saudi Arabia. With a firm commitment in providing Islamic financial investment services to the local, regional and also international clientele, Al Wasatah Al Maliah is looking forward to strategically penetrate and position itself in these various segments. Al Wasatah Al Maliah is depending on the right technology coupled with the right skilled resources to strive for service quality and operational excellence in serving the needs of its clientele.
Al Wasatah AlMaliah’s objective is to position its products and services beyond any physical or logical boundaries such that they are convenient and readily available to all investors as part of its commitment to nurture them into well informed and smart investors. Based in Riyadh, Al Wasatah Al Maliah will be expanding its services via branches to other geographical areas of the Kingdom as part of its expansion plan. Al Wasatah Al Maliah would also expand the market services coverage to the GCC and other international exchanges.
Al Wasatah Al Maliah is currently formulating a strategic initiative to promote, market and position itself as one of the frontrunners of electronic broking (e-broking) in the Kingdom of Saudi Arabia.

About Temenos

Founded in 1993 and listed on the Swiss Stock Exchange (SWX: TEMN), Temenos Group AG is a global provider of banking software systems in the Retail, Corporate & Correspondent, Universal, Private, Islamic and Microfinance & Community banking markets. Headquartered in Geneva with 44 offices worldwide, Temenos serves over 600 customers in more than 120 countries.  

Temenos’ software products provide advanced technology and rich functionality, incorporating best practice processes that leverage Temenos’ experience in over 600 implementations around the globe.  

Temenos’ advanced and automated implementation approach, provided by its strong Client Services organisation, ensures efficient and low-risk core banking platform migrations. Temenos annually invests around 20% in R&D, significantly more than its peers, into a single fully packaged upgradeable software release, which ensures all Temenos customers benefit from modern technology and support indefinitely. For more information please visit www.temenos.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

Peter McKenna
Temenos Marketing Director
Tel: +44 (0) 207 423 3842
Email: pmckenna@temenos.com

Evelina Amanatidou
Team 660
Metia for TEMENOS
Tel: +44 (0) 20 3100 3592
Email: evelina@metia.com