Temenos has announced that Boubyan Bank, the second largest Islamic bank in Kuwait, has selected Temenos to modernise its core banking systems. The bank is migrating to Temenos’ core banking platform for Retail, Corporate Banking and Wealth Management to enhance business agility and operational efficiency.
Boubyan chose Temenos to access the latest banking capabilities with rich Islamic banking functionality on an open, cloud-native, API-first architecture. This will enable Boubyan to accelerate the introduction of new products and deliver a personalised banking experience to customers. In addition, the Temenos platform is scalable to support Boubyan’s growing customer base and future growth.
Modernising its core banking platform with Temenos will further support Boubyan and its vision to become one of the top Islamic banks in the world offering innovative digital products and services to customers. Temenos’ agile product building capabilities will help Boubyan to get to market with new products faster, to capitalise on new market opportunities and to respond to evolving market conditions.
Boubyan is one of the major financial institutions in the Gulf Cooperation Council (GCC), and the third largest bank in the Kuwaiti market in terms of financing portfolio and total assets. It also has an international presence through its UK subsidiary, the Bank of London and the Middle East, ‘BLME’, and its Sharia-compliant digital bank ‘Nomo’. Boubyan benefits as well from its relationship with National Bank of Kuwait, the major shareholder, which is ranked among the largest 300 banks worldwide.
Mr Adel Abdul Wahab Al-Majed, Vice-Chairman and Group Chief Executive Officer, Boubyan Bank, commented: “We chose to partner with Temenos because it is the trusted banking platform for banks globally with the most advanced technology and rich Islamic banking functionality. Temenos gives us access to a wide range of banking services, digital capabilities and innovative products to continue to enhance the experience, foster trust and build long-lasting relationships with our customers.”
William Moroney, Chief Revenue Officer, Temenos, said: “Temenos is proud to be selected as the technology partner for Boubyan Bank. As one of the largest Islamic banks in Kuwait and with a growing international footprint, Boubyan is a key signing for Temenos. Our collaboration with Boubyan shows we have a compelling Islamic banking solution tailored for the needs of Kuwaiti banks and opens new opportunities for Temenos in this market.”
Temenos Islamic Banking enables banks to remain fully compliant with Shari’ah requirements across products, processes and accounting entries and was recently ranked the #1 best-selling Islamic Banking solution in the IBS Intelligence Sales League Table 2024.