Bank Islam selects TEMENOS T24 Model Bank for Sharia-compliant banking
14 January 2008
Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Bank Islam Malaysia Berhad has selected TEMENOS T24 (T24) to support its core banking operations in 90 branches across Malaysia, including its internet banking.
Bank Islam was established in July 1983 as Malaysia’s first financial institution to be Shariah compliant. Today, it offers more than 50 sophisticated Islamic banking products and services, which are expanded from the traditional savings and investment types. The bank has a strong presence in the domestic arena catering for the personal and commercial needs of Muslims and non-Muslims alike.
Dato’ Zukri Samat, Managing Director of Bank Islam, says: “We have a rapidly expanding customer base of both Muslim and non-Muslim customers and needed a core banking system that could provide breadth of functionality, flexibility and the ability to quickly roll out innovative products to our market. The main reason we wanted a product with internationally-accepted best practices was to facilitate our strategy to penetrate the global markets. We turned to Temenos following good references from several leading banks and found T24 to be the most suitable solution for our requirements.”
Bank Islam considered a number of vendors before signing the deal with Temenos in October 2007. T24 will replace two in-house systems, a Silverlake core banking platform and an i-Flex internet banking system, which the Bank has operated over the last 10 years.
Bank Islam has chosen Temenos’ Model Bank implementation methodology, which includes pre-configured products and processes based on banking best practice, to reduce implementation time and costs, minimise customisation and lower the project risk. A joint implementation team will roll out the T24 Model Bank, a pre-configured version of the T24 system that targets up to 80 percent functional fit out of the box, leveraging Temenos’ experience of over 600 implementations around the globe.
Bank Islam has selected Islamic and Universal banking products and processes to ensure that it complies with Shariah banking laws and principles. T24 will be deployed on IBM P-Series Unix servers and an Oracle database, and is expected to go live in Q4 2008.
Andreas Andreades, CEO of Temenos, adds: "Bank Islam is a significant win for Temenos, we welcome it to our community of 20 other customers who offer Islamic Banking products, primarily across the Middle East and Asia Pacific regions. The bank’s selection of our Islamic and Universal Model Bank products is further proof that our ‘bank in a box’ solution provides Islamic banking functionality out of the box and without modification across a number of different countries.”
Temenos T24 is a functionally rich, scalable, integrated, modular banking system. It is built on open service oriented architecture, and uses established technology standards such as Simple Object Access Protocol (SOAP) web services, XML and a true stateless browser front end. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It is the only system available with no end-of-day batch processing and so can genuinely provide real-time 24/7 non-stop banking.
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About Bank Islam Malaysia Berhad
Bank Islam Malaysia Berhad, subsidiary of BIMB Holdings Berhad was established in 1983 as the nation’s first Islamic bank. To date, the Bank has a spread of 90 branches and 286 automated teller machines nationwide. To meet the diversity of the public’s financial needs, Bank Islam offers more than 50 Shariah-based banking products and services which cater to Muslims and non-Muslims. Bank Islam can be reached through its website at www.bankislam.com.my.
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