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Temenos (SIX: TEMN) (www.Temenos.com), 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 at 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.”
Distributed by APO Group on behalf of Temenos.Media Contact:
Jessica Wolfe & Grace Collins
Temenos Global Public Relations
Tel: +1 610 232 2793 & + 44 20 7423 3969
Email : press@temenos.com
Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com
About KIB:
In June 2010, KIB (www.KuraimiBank.com/en) was licensed from Central Bank of Yemen (CBY). The main purpose is to reinforce the importance of playing a very active role in enhancing the country’s economic status in the field of savings and financing plus other financial services in complete compliance with the Islamic Sharia‘a. The Bank has a vision that all financial and banking services are accessible by each person in Yemen, in order to participate in the economic and social development and in raising the standard of living of the individual and community at large by means of offering diverse financial services. The bank has built one of the finest Tech infrastructures in the country, enabling its large fleet of 2000+ agents connect with customers in remotest areas. KIB is also one of the very few to have committed to ‘Digital banking’ with spectrum of product offerings.
Our aim is to offer a service of quality with high efficiency and effectiveness. We abide by and practice the values we have been brought up to respect as represented by compliance and obedience, honesty, clarity, transparency, philanthropy, social responsibility and wishing others welfare and wellbeing, despite all difficult circumstances the country is passing through.
About Temenos:
Temenos AG (SIX: TEMN) (www.Temenos.com) is the world’s leader in banking software. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.Temenos.com.
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