The Fed's latest news has prompted another round of what-ifs.
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
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
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
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."
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.
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.
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
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