Meethaq, the Islamic banking division of Bank Muscat in Oman, has successfully implemented Temenos’ core banking software for both retail and corporate banking operations.
In a notable achievement, the bank has transitioned “over 200,000” customer accounts to the Sharia-compliant, cloud-based platform, facilitated by the Swiss vendor’s delivery partner, Systems Limited.
Shamzani Hussain, Meethaq’s General Manager, highlights that the API-driven technology will be key in “embracing innovation and offering competitive Islamic banking products and services” as part of the bank’s “digital transformation journey.”
Established by Bank Muscat in 2013, Meethaq offers a range of services including deposit products, consumer financing, credit cards, and corporate banking services. These are supported by a network of branches, contact centers, and internet and mobile banking channels.
The adoption of the new core banking system follows Oman Housing Bank’s (OHB) recent agreement in April with Temenos for its own core transformation, aiming to introduce new card and deposit products. This move comes 17 years after Bank Muscat first adopted the Temenos platform to enhance revenues, profitability, and market responsiveness.
This development underscores the expanding influence of Temenos across the Middle East and Africa. This year, BNI Madagascar, Cooperative Bank of Oromia in Ethiopia, and Stanbic Bank Kenya have also initiated similar core modernization projects with the vendor.
Source: fintechfutures.com
