The 2019 Islamic Finance Awards, presented by World Finance Magazine, has announced that Temenos (SIX: TEMN) has won the ‘Best Islamic Banking & Finance Technology Provider’, for its breakthrough digital front office product, Temenos Infinity, and next generation core banking system, Temenos T24 Transact. For the second consecutive year, Temenos was recognized after demonstrating remarkable contributions to Shari’ah-compliant banking, finance and investing across the region. The World Finance Islamic Finance Awards bring together key players in the Islamic finance industry, and recognize the most successful operators in the field from around the globe.
Shari’ah-compliant financial assets are forecasted to reach $3.8trn by 2023, up from $200bn in 2003. As the industry matures, the 2019 World Finance Islamic Finance Awards shine a light on the companies that are pushing its boundaries. The 2019 World Finance Islamic Finance Awards recognize the institutions that are setting the agenda on the international stage.
Nominated by World Finance magazine readers and website users, Temenos Infinity and Temenos T24 Transact, Temenos’ pre-integrated, open, digital banking offering, provide exceptional features for Shari’ah compliance. This winning combination brings together the richest packaged functionality with the most innovative cloud-native technology, allowing banks to implement faster and more cost-effectively. Temenos was able to demonstrate outstanding product and service delivery, growth, market presence and governance. These were the main criteria in the evaluation by the judging panel.
During the evaluation process, Temenos was commended by the World Finance Awards committee for the remarkable feedback received from subscribers regarding the solution’s flexibility in supporting both fully-fledged Islamic banks, as well as conventional banks with Islamic windows. Temenos’ products were identified as the leading solution for retail, commercial, investment and wealth management banking operations. Shari’ah-compliant features include Murabaha financing, diminishing Musharaka, Qard Hasan, Bai Al Salam, Istisna’a and parallel, and financing Ijara, Tawaruq, Itsisna’a and many other Islamic finance aspects.
Jean-Paul Mergeai, Managing Director Temenos Middle East & Africa commented: "Temenos is delighted to once again receive the ‘Best Islamic Banking & Finance Technology Provider’ award from World Finance in recognition of our historical and continuous investment in Islamic finance. For over 20 years, Temenos has been supporting the Islamic finance community with flexible, scalable and innovative Shari'ah compliant solutions that have been specifically designed around the customer journey across any business line. Our close collaboration with Islamic sector has been rewarded with recent signings including Al Rajhi, the world’s largest Islamic bank, and Palestine Islamic Bank, the largest Islamic finance institution in Palestine. We look forward to continuing to empower Islamic banks with open, flexible and agile technology, enabling them to reap the benefits of end-to-end digitalization with Temenos Infinity and Temenos T24 Transact cloud native and cloud agnostic solutions."
Temenos’ winning combination of Temenos Infinity and Temenos T24 Transact not only enhances efficiency with automation and continuous deployment, but also offers differentiated customer service and solutions. Temenos was once again praised by industry peers for its remarkable features, including an Islamic Treasury module, Islamic Portfolio Management platform, Islamic Retail Banking platform, Islamic Product Builder.