Meethaq Islamic banking, from Bank Muscat-the leading Islamic banking institution in the Sultanate of Oman, has achieved a groundbreaking digital transformation by seamlessly migrating from a legacy Core banking system to Temenos Core for Retail and Corporate banking, with the support of Systems Limited, a global system integrator.
Meethaq stands as the largest Islamic Banking window in Oman, offering a full suite of Shari’a compliant Islamic banking products and services, including deposit products, consumer financing, credit cards, corporate banking, internet banking, mobile banking and 24X7 Contact Center for valued customers and corporate clients. Meethaq provides Shari’a compliant financial solutions to its partner companies, supporting the economy of Sultanate of Oman.
The strategic partnership between Bank Muscat, Temenos, and Systems Limited spans over 15 years, showcasing Bank Muscat’s commitment to technological innovation and trust in the capabilities of Systems Limited and Temenos. The project’s size and scope were substantial, involving several Islamic Module implementations on Temenos Core for Retail and Corporate banking , retrofitting of conventional to Islamic banking, end-to-end data migration, customization of Interfaces and functionalities, development of Islamic consumer financing and liability products on AA module, front-end mobile banking implementation, and the establishment of a Centre of Excellence by Systems Limited.
The implementation of Temenos Core for Retail and Corporate banking empowers Meethaq to offer exceptional Islamic banking services without downtime on the customer layer, significantly reducing operational costs by 20-30% and enhancing time-to-market capabilities. This achievement sets the stage for Meethaq’s expansion plans, with the scalable system supporting the establishment of 30+ branches and further solidifying their presence in the Islamic banking landscape.
