Temenos Group, the provider of integrated core banking systems, today announced that Meezan Bank, Pakistan’s largest Islamic bank, has chosen Temenos 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.
“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.” says, Ariful Islam, chief operating officer, Meezan Bank.
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.
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.
“Our implementation at Meezan Bank is highly significant as the Islamic banking market grows both in Pakistan and other countries.” says, Andreas Andreades, CEO, Temenos.