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TEMENOS: Meezan Bank selects Temenos T24 Model Bank for Sharia-compliant banking

Copyright:M2 Communications Ltd.
Source:M2 PressWIRE
Wordcount:792

RDATE:10072007

GENEVA, Switzerland - Temenos Group (SWX: TEMN), the provider of integrated core banking systems, today announced that Meezan Bank, Pakistan's largest Islamic bank, has chosen Temenos T24 (T24) to provide centralised core banking across its branch network. T24, the company's modular core banking system, is expected to deliver full Islamic banking capabilities and enable Meezan Bank to reduce the time to market for new products, consolidate funds and trade finance banking operations, and simplify reporting and controls with a single centralised database.

Ariful Islam, chief operating officer, Meezan Bank, says: "We needed to update our core banking system to support our planned future growth and to maintain our position as Pakistan's leading Islamic bank. We have already achieved successful results with T24's treasury module and the level of local support available for the product was one of the factors that tilted our final decision to implement the complete T24 solution."

Meezan Bank originally deployed the T24 treasury module in November 2005. Subsequently, the bank realised that it needed to replace the locally-developed Islamic Banker system which it had been using since 1996. After a year-long selection process, during which time it considered a number of leading local and international solutions, Meezan Bank signed the deal with Temenos in March 2007.

Temenos will implement T24 Model Bank, which incorporates pre-configured functionality and processes for banking best practice to reduce the implementation time and costs, minimise customisation and lower the project risk. This will also include the T24 Pakistan Country Platform, with specific functionality to meet local banking requirements and regulations.

T24 is a functionally rich, thin client, scalable, integrated, modular banking system. It is built on an open system principles and uses established technology standards such as HTTP, XML and HTML. It offers a single client view across the enterprise and can support large numbers of users with true non-stop resilience. Its fully-integrated architecture enables it to offer a significant cost advantage compared to other competing products. It offers multiple application server support and is the only system available with no end-of-day batch processing and so can genuinely boast of providing real-time 24/7 non-stop banking.

Meezan Bank plans to add Temenos T-Risk, the company's advanced risk management and analysis application, and Temenos ARC for customer relationship management and workflow once T24 has been successfully implemented.

Andreas Andreades, CEO, Temenos, says: "Our implementation at Meezan Bank is highly significant as the Islamic banking market grows both in Pakistanand other countries. The choice of T24 by Pakistan's largest Islamic bank demonstrates the flexibility and comprehensive functionality of our product, including its ability to accommodate the Sharia banking principles withoutmodification."

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Temenos has an international client-base of over 580 financial institutions and continues to attract global tier one and regional banks as a result of its superior products, T24 and Temenos CoreBanking.

AboutMeezan Bank

Meezan Ban Limited was established in 2002 and has a mission to be the premier Islamic Bank in Pakistan, offering a one-stop shop for innovative value added products and services.

Meezan Bank entered the market with the clear but formidable mandate of establishing and promoting Islamic Banking. Embedded within a deep-rooted conventional financial system and faced with a somewhat sceptical public viewpoint doubtful of the effective applicability and even veracity of the Islamic financial model, the Bank faced an uphill task enormous by any measure.

With a current platform of over 60 branches, Meezan Bank is ideally positioned to serve the varied banking needs of corporate and consumer customers across the nation, and will also continue to enhance its capabilities in alternate distribution and convenience.

Meezan Bank is committed to providing a complete range of banking services that are not only in compliance with Shariah but are also up to the highest professional standards.

AboutTemenos

Founded in 1993, Temenos Group AG is a provider of integrated modular core banking systems to over 580 financial institutions in 110 countries worldwide. Temenos software provides banks with a single, real-time view of the client across the enterprise, enabling banks to maximize returns while streamlining costs. Whether providing 24/7 functionality to the wholesale, retail and private or universal banking sectors, partnering with central banks on core system replacement, or working with the World Bank on solutions for the emerging markets, Temenos knows banking. The company has a transparent approach to its operations and brings to bear its experience, expertise, commitment and professionalism on every project.

Headquartered in Geneva, Switzerland, the company has 42 offices in 33 countries and is listed on the main segment of the SWX Swiss Exchange (TEMN). www.temenos.com

((M2 Communications Ltd disclaims all liability for information provided within M2 PressWIRE. Data supplied by named party/parties. Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com)).



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