Temenos (SIX: TEMN), the banking software company, today announced that Yemen-based, Al Kuraimi Islamic Bank (KIB), has selected Temenos Infinity and Temenos Transact to replace its legacy IT systems and deploy a single, cloud-native, cloud-agnostic digital banking platform to underpin its banking operations. KIB is one of the Yemen’s top 5 banks, with 1.2 million customers and it aims to reach 5 million customers by 2023.
KIB was established in 2010, aiming to make financial services easily accessible across Yemen, support socioeconomic development and raise the national standard of living. KIB plays a fundamental role in supporting the livelihoods of local businesses and individuals by providing access to vital financial products and services. Temenos’ agile and scalable technology will support KIB to grow its business and give more customers access to crucial financial services while allowing the bank to sustain remarkably low cost-income ratios.
Temenos Infinity and Temenos Transact will provide KIB with a single, packaged and upgradeable banking platform to digitalize its end-to-end operations. Temenos’ banking software will provide rich digital functionality and unparalleled cost efficiencies. Temenos Infinity with its open API-first architecture will support the delivery of hyper-personalized, omnichannel customer experiences and allow KIB to provide faster, seamless customer service. Temenos Transact will optimize KIB’s operations and enable the delivery of enhanced digital products with shorter timescales for delivery. By driving significant cost efficiencies, Temenos’ technology will enable KIB to offer more accessible and lower cost financial services to the Yemeni population and promote financial inclusion.
KIB will also benefit from Temenos Islamic Banking, which bridges the gap between modern consumer demands and intrinsic Islamic values. The multi award-winning Islamic Banking solution will support the delivery of innovative digital products that are both compliant and specialized for KIB’s Islamic retail and corporate customers.
Yousif Alkuraimi, CEO, KIB, said: "We selected Temenos as our technology partner for its functionally rich and technologically advanced cloud-native software and for its depth of experience supporting Islamic banks in this region. Temenos differentiated itself from other vendors in its unique ability to combine core Islamic values with modern digital banking services. Temenos’ cloud-native technology will transform our operations by driving incredible efficiency gains, but most importantly, by helping to improve the standard of living for individuals and the prospects for businesses in Yemen.”
Jean-Paul Mergeai, Managing Director – Middle East & Africa, Temenos, said: “We are delighted to support Al Kuraimi Islamic Bank with a proven solution tailored to the needs of this important market. Temenos understands the power digital banking has to boost social and economic development, especially in light of these challenging and unprecedented times. We believe that with cloud-native, cloud-agnostic and API-first technology we can support banks to reap the benefits of digital transformation in both the near and longer term and deliver vital digital financial services to their customers at this critical time. This is a pivotal moment for KIB and we are excited to support them on this ambitious journey towards innovation and financial inclusion.”