Sharjah Islamic Bank (SIB) has signed an agreement with Temenos, the banking software company, for its T24 core banking system in line with the bank's Business and IT Strategy to offer advanced banking products and services with rapid time to market.
The signing ceremony between SIB and Temenos was presided over by SIB CEO, Mohammed Abdulla, Temenos CEO David Arnott, SIB DCEO Ahmed Saad, Temenos Director Amrik Tak, SIB Chief Risk Officer Mohammad Rizwan and SIB CIO Ravi Khanna.
Commenting on the announcement, Mohammed Abdullah, SIB CEO, said, "Sharjah Islamic Bank prides itself on being a frontrunner for positive change in the financial services sector. We were the first bank in the world to take the leap towards becoming a fully Islamic financial services provider - with the continuous aim of providing the best possible services to our clients. Our selection of theT24 system highlights our commitment to technology and innovation enabling us to have a current customer centric platform.
"This will allow us to better support our core operations and channels to deliver a unique and differentiated customer experience in the UAE market," he added.
David Arnott, Temenos CEO said: "We are delighted that SIB has chosen Temenos as its core banking system provider. The strength of Temenos' Islamic banking solution will allow SIB to become more customer-centric and responsive to market changes, enhancing its competitive position, while maintaining full Shari'a compliance. The system will allow SIB to provide its services through web and mobile channels, in addition to offering access to its advanced reporting capabilities and analytics." T24 offers 24x7 availability of services, with comprehensive business functionality and advanced, secure, scalable and modular architecture, allowing SIB to be strategically placed to meet the infrastructure and market challenges of the future.