KIB selected Temenos Infinity and Temenos Transact to replace its legacy IT systems and deploy a single, cloud-native, cloud-agnostic digital banking platform to underpin its banking operations. Temenos will provide KIB with a single, packaged and extensible SaaS banking platform to digitalize its end-to-end operations. Temenos’ award-winning Islamic Banking solution will support the delivery of innovative digital products that are compliant for KIB’s Islamic retail and corporate customers.
Established in 2010, KIB’s aim is to make financial services easily accessible across Yemen to support socio-economic development and raise the national standard of living. The bank plays an essential role in supporting the livelihoods of local businesses and individuals by providing access to vital financial products and services. By driving significant cost efficiencies, Temenos’ technology will enable KIB to offer more accessible and lower-cost financial services to the Yemeni population and promote financial inclusion.
“Temenos differentiated itself from other vendors in its unique ability to combine core Islamic values with modern digital banking services. Temenos’ cloud-native technology will transform our operations by driving incredible efficiency gains, but most importantly, by helping to improve the standard of living for individuals and the prospects for businesses in Yemen.”Yousif Alkuraimi, KIB’s CEO