Temenos, the banking software company, has announced that it has been chosen by Al Rajhi Bank, Saudi Arabia's second largest bank and the world's largest Islamic bank, to power its digital transformation journey.
The bank with total assets of over $97 billion has opted for a complete renovation using Temenos T24 Transact as well as a host of additional digital solutions, a statement said.
Headquartered in Riyadh and with a network over more than 570 branches, Al Rajhi Bank aims to introduce new lending products to the market and servicing its growing number of customers more quickly and efficiently.
The new technology solution will also support Al Rajhi Bank's growth ambitions and its vision to bridge the gap between modern financial demands and intrinsic Islamic values, the statement added.
The bank operates in more than 570 branches across Saudi Arabia as well as in Kuwait, Jordan and Malaysia.
Waleed Al Mogbel, deputy CEO, Al Rajhi Bank, said: "We are delighted to appoint Temenos as our strategic technology partner for our digital transformation. Temenos digital banking platform will enable us to transform faster, drive out complexity and lower our overall total cost of ownership."
Jean-Paul Mergeai, managing director Middle East & Africa at Temenos, added: "Temenos has a strong footprint in Saudi Arabia with 19 clients and this new signing further cements our presence in the country where we have been operating since the late 1990s."