Increasing financial inclusion through user-friendly Islamic banking services
Launched in 2019, SomBank aims to make Shariah-compliant financial services available to Somalian citizens and businesses. With smartphone adoption rapidly rising across the region, the bank looks to provide flexible, user-friendly services that customers can access via mobile, online, and in branches. To realize this ambition, SomBank recently selected the full front-to-back Temenos Islamic Banking platform, which combines the market-leading capabilities of Temenos Infinity and Temenos Transact, and will enable the bank to develop customized products in line with Islamic rules. Temenos Infinity digital front office functionality will also ensure a seamless, unified user experience across all devices and branch locations. With the solutions in place, SomBank will be able to improve access to much-needed financial services and contribute to economic growth in Somalia.
“While we are a relatively new bank, Sombank has big ambitions to play a significant role in rebuilding the country’s financial infrastructure by improving access to financial services throughout Somalia and beyond. Implementing the Temenos banking platform in the cloud will allow us to achieve rapid time to value for new digital products and the cost savings to fulfil this vision.”Mr Garad Khalif Nor, CEO, SomBank