Palestine Islamic Bank selects world’s market leading digital front office and core banking software from Temenos
As part of its digital transformation strategy, The Palestine Islamic Bank ("PIB") has selected cloud-native, cloud-agnostic Temenos Infinity and Temenos T24 Transact for its next-generation core banking system. The announcement was made during a signing ceremony at the St. George Hotel in Jerusalem and was attended by, PIB senior management as well as members of the board, Temenos senior and regional management and a group of distinguished businessmen, partners and officials from the Jerusalem community.
By deploying Temenos Infinity and Temenos T24 Transact, PIB will have a digital banking platform to address all aspects of Islamic banking and is well suited to meet their needs in the retail and corporate banking sectors. Temenos’s digital open banking platform will help PIB achieve its strategic goal of simplifying its systems’ architecture while enabling the bank to enhance the digital experience for its customers.
Temenos Infinity and T24 Transact will provide PIB with agile technology, thereby ensuring that PIB can evolve to meet both the changing needs of its customers and adapt to the fast-changing regulatory environment.
Bayan Qasem, General Manager, at Palestine Islamic Bank, commented:
“We continue to see that demand for Islamic banking is outgrowing conventional banking. With Temenos’ cloud-native, cloud-agnostic banking software, we will be able to move from a product-centric to a customer-centric business model, thereby delivering best-in-class service to our customers. As we move ahead, it is critical that we have a consensus view of our customers’ information in order to offer products and services. Our selection of Temenos as our technology partner is to future-proof our ongoing growth, and because of its 25 years of experience and domain expertise in delivering state-of-the-art software around the globe.”
Jean-Michel Hilsenkopf, Chief Operating Officer and Co-founder at Temenos commented:
“We are excited to be working with the Palestine Islamic Bank, a market leader in Palestine. Our cloud-native, cloud-agnostic products - Temenos Infinity, digital front office and Temenos T24 Transact, core banking - will provide the technology platform for PIB to increase operational efficiency and support scalable growth. Furthermore, it will transform customer experience by launching sharia-compliant products more quickly, and offering omni-channel distribution that supports digital banking self-services. The team at PIB understand the need and the real opportunity in streamlining their operations and creating a customer-focused proposition. In short, it will give a platform for the bank to outperform its competitors and realize its growth ambitions."
PIB is the leading Islamic financial institution in Palestine with a clear strategic vision in the Sharia-compliant financing and investment arena. It has been a first mover in bringing innovative sharia-compliant financial products to its retail and corporate customers, such as “Al Tayseer” credit card, and a program for facilitating the payment of tuition and medical fees, utilizing the Islamic standard “Al ijara Al mawsofa fi al themma”. PIB has the largest Islamic banking services network in Palestine, consisting of 43 branches and offices and over 79 ATMs distributed across the country.
As a part of its 4-year digital transformation roadmap, PIB has launched a stack of electronic services, which enable clients to manage their accounts and cards, pay their bills, and carry out money transfers among others. These electronic services allow its customers to have access to banking services through channels of their choice at their own convenience, whether through web application “IslamiOnline”, Mobile Application “IslamiMobile” or Facebook ChatBot “IslamiAuto”, which PIB was the pioneer in launching it in Palestine.
In December 2018, PIB successfully completed the verification procedures for its Facebook page, making it the first bank in Palestine to do so. In the coming years, PIB will pursuit its ambitious strategy in digitization and innovation, while being fully compliant to local and international regulations and industry standards.