Meethaq goes live on Temenos image credit shutterstock
Bank Muscat’s Shariah compliant unit, Meethaq Islamic Bank, has successfully implemented Temenos Core for Retail and Corporate banking. This strategic move empowers Meethaq to provide Shariah compliant banking products and services, while enhancing operational efficiency and business agility. Bank Muscat is an existing Temenos customer for conventional retail and corporate core banking. The go-live at Meethaq extends this partnership to Islamic banking.
With the support of Systems Limited, Temenos Delivery Partner and system integrator, Meethaq has seamlessly migrated over 200,000 customer accounts. The move marks a significant milestone in its transition to the Temenos platform. Meethaq can now accelerate the development and launch of innovative products, while reducing cost and risk.
Meethaq offers a wide range of Shari’a compliant Islamic banking products and services. These include deposit products, consumer financing, credit cards, and corporate banking.
Shamzani Hussain, GM, Meethaq Islamic banking, said: “We are delighted to partner with Temenos to drive our digital transformation journey. The new Temenos core banking platform enables Meethaq to embrace innovation and offer competitive Islamic banking products and services to our valued customers. This strategic move reinforces our commitment to providing a seamless and convenient banking experience while adhering to the principles of Islamic finance.”
Lee Allcorn, MD, Middle East & Africa, Temenos, added: “Bank Muscat is a long-term core banking customer for conventional banking. We are proud they put their trust in us when they decided to source a new core banking system for Meethaq. Following the smooth and successful implementation Meethaq is well-positioned to meet the evolving needs of its customers. And contribute to the growth of the Islamic banking sector in Oman.”
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