Meethaq goes live on Temenos for retail and corporate core banking

Press Releases, May 28, 2024

Temenos – Company

GENEVA, Switzerland – MAY 28, 2024 – Temenos (SIX: TEMN) today announced that Meethaq Islamic Bank, from Bank Muscat, has successfully implemented Temenos Core for Retail and Corporate banking. This strategic move empowers Meethaq to provide Shariah compliant banking products and services, while enhancing operational efficiency and business agility. Bank Muscat is an existing Temenos customer for conventional retail and corporate core banking and the go-live at Meethaq extends this partnership to Islamic banking.

With the support of Systems Limited, a Temenos Delivery Partner and global system integrator, Meethaq has seamlessly migrated over 200,000 customer accounts, marking a significant milestone in its transition to the Temenos platform. By leveraging Temenos’ comprehensive suite of banking capabilities and the latest cloud-native, API-driven technology, Meethaq can now accelerate the development and launch of innovative products, while reducing cost and risk.

As the most popular and largest Islamic banking provider in Oman, Meethaq offers a wide range of Shari’a compliant Islamic banking products and services, including deposit products, consumer financing, credit cards, and corporate banking. These services are accessible through internet and mobile banking channels and a 24×7 contact center.

Shamzani Hussain, General Manager, Meethaq Islamic banking, commented:

“We are delighted to partner with Temenos to drive our digital transformation journey. The new Temenos core banking platform enables Meethaq to embrace innovation and offer competitive Islamic banking products and services to our valued customers. This strategic move reinforces our commitment to providing a seamless and convenient banking experience while adhering to the principles of Islamic finance.”

Lee Allcorn, Managing Director – Middle East & Africa, Temenos, said:

“Bank Muscat is a long-term core banking Temenos customer for conventional banking and we are proud they put their trust in us when they decided to source a new core banking system for Meethaq. Following the smooth and successful implementation Meethaq is well-positioned to meet the evolving needs of its customers and contribute to the growth of the Islamic banking sector in Oman.”

Ammara Masood, Global industry GM Banking and Financial Services, Systems Limited, added:

“This successful implementation is a testament to the strong and enduring relationship we share with the Bank. Our collaboration has contributed to enhancing their banking services and strengthening their position as leaders in the Islamic banking sector. This achievement highlights the dedication and expertise of our teams and solidifies our position in the Middle East region, making Systems Limited the partner of choice for innovative and impactful banking technology services.”

Temenos Islamic Banking is fully compliant with Shariah requirements, processes, and accounting entries and is ranked the #1 best-selling Islamic Banking solution in the latest IBS Intelligence Sales League Table.