SAFA Bank, a new Islamic bank in Ramallah Palestine, has gone live on the Islamic version of Temenos’ T24 core banking system. The project was delivered by the vendor’s partner ITSS Global.
Temenos now markets the Islamic version of T24 as IslamicSuite.
SAFA Bank offers retail and corporate banking products and services in compliance with the Shari’ah principles.
Nidal Al Barghouti, GM of SAFA Bank, says Temenos offers “a best of breed Islamic banking solution, which is Shari’ah-compliant and flexible”.
He adds the bank has ambitions to grow across the region.
Pierre Rafie, VP of sales at ITSS in the Middle East, observes that “demand for Islamic banking is outgrowing conventional banking” in the region.