GENEVA, Switzerland – 19 June 2013 – Temenos (SIX: TEMN), the market leading provider of mission critical solutions to the financial services industry, today announces that Al Hilal Bank PJSC, a Temenos customer since 2007, has successfully upgraded to release 12 of Temenos Transact core banking system.
Release 12 of T24 includes significant enhancements to the Islamic Banking offering, including new and flexible automated workflows, which allows banks to structure the solution around their own Sharia workflows and therefore achieve enhanced operational efficiency, and a flexible mudaraba profit management system.
Wholly owned by the Abu Dhabi Investment Council, an investment arm of the government of Abu Dhabi, Al Hilal Bank first implemented T24 for Islamic Banking in June 2008. Since then, the bank has grown its operations significantly and is now the third largest Islamic bank in UAE, with assets at the end of 2012 of AED 32.1bn (USD8.7bn). Net proﬁt is up over 50 percent from AED 202.3m in 2011 to AED 310.3m in 2012, and income grew to over AED 1.8bn in 2012. To support this continuing expansion and new product innovation, the bank has chosen to upgrade to release 12 of T24.
Fadi Yazbeck, Product Director, Temenos said:
We are delighted to have upgraded Al Hilal Bank to release 12 of T24, which contains significant enhancements to the Islamic banking offering. Al Hilal has seen tremendous growth since its inception in 2007, with Temenos supporting this growth every step of the way. The latest upgrade will provide the bank with an improved platform from which to launch new products to market, to ensure that its growth continues.
Mr. Saif Al Dhaheri, COO, Al Hilal Bank said:
Temenos Transact has had a positive impact on our business. It has enabled the bank to automate and streamline processes and improved the bank’s overall operations’ flow. We are delighted with the latest release of T24, which will continue advancing the bank’s productivity with its functional and technological enhancements. With the new T24 release, our plan is to further enhance the bank’s investment management and profit management capabilities for ‘Mudaraba’ and ‘Wakala’ accounts. In addition, we plan to expand our Islamic derivatives products, and progress our Islamic mortgage financing.