Al Salam Bank, a newly-formed Islamic bank in Bahrain, is deploying the T24 core banking platform from Swiss vendor Temenos to provide Sharia-compliant financial services to its account holders.
Temenos says it will install core T24 functionality, including Islamic, retail, corporate, treasury, trade and private banking capabilities. The platform will run on HP servers at the bank's Bahrain head office with Oracle 10G database software.
Yousif Taqi, CEO, Al Salam Bank, says it is critically important to ensure that the six-month old bank has the right technological foundation
"We are committed to providing clients with innovative and differentiated Sharia-compliant products and services through the utilisation of the latest available technology and in line with the highest international standards in the industry," says Taqi. "We chose Temenos because of its excellent track record in the Middle East region, having completed implementations for several Islamic banks."