Qatar Islamic Bank deploys Temenos Core Banking

Doha—Qatar Islamic Bank (QIB) announced the deployment of the Temenos award winning Islamic banking solution Islamic Suite as its core banking system. QIB seamlessly migrated from a number of fragmented systems to a single fully integrated Temenos platform. He transformation programme, which was concluded on schedule in a record timeframe of two years, included the replacement of QIB’s core banking system, covering all business lines, as well as the introduction of new peripheral systems and upgrades of existing ones in areas such as Treasury Operations, Enterprise Content Management and Collections.
Furthermore, the majority of the Bank’s core infrastructure needed a refresh to mitigate the risks associated with obsolete and out of support technologies. The transformation programme involved a huge number of activities to revamp QIB’s infrastructure landscape which included the replacement and upgrade of hardware, networks, security & communication upgrades as well as a brand new middleware to connect the new core banking system with all QIB’s channels and peripheral applications.
The cutting-edge system has allowed QIB to adopt international best practices and has been customised to match QIB’s Shari’ah compliant processes and procedures as well as Qatar’s Central Bank regulatory requirements. QIB’s Board of Directors recognises that investment in technology is a critical component for upgrading the Bank’s services and improving its operations.—Agencies

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