Finastra, a leading provider of financial software applications, announced that Al Rayan Bank, one of Qatar’s largest Islamic banks with a global presence, has chosen its next-generation core banking solution. This strategic move is part of Al Rayan Bank’s ongoing digital transformation to improve operational efficiency, reduce costs, and deliver enhanced Sharia-compliant services to its customers.
“We are undergoing a technology transformation journey to ensure we continue offering robust, digital Sharia-compliant services that meet our customers’ needs when and where required,” said Hamad Al Kubaisi, Group Chief HR Officer at Al Rayan Bank. “Upgrading our core banking system is a critical step in this journey. We need a solution that offers agility, rich functionality, and advanced technology to meet the evolving demands of our customers.”
Stuart Rennie, Group Operating Officer at Al Rayan Bank, added: “After a thorough selection process, we decided to extend our longstanding partnership with Finastra. We trust their team and solution to help us deliver a fully integrated, seamless experience to our customers. Migrating to Finastra’s next-generation core banking system will allow us to offer streamlined, customer-centric services.”
Finastra’s core banking solution, Finastra Essence, combines deep functionality and advanced technology to help financial institutions increase agility, reduce operational costs, and improve efficiency. Its open, microservices-based architecture enables rapid deployment of new services and supports both conventional banking and Sharia-compliant products for Islamic Financial Institutions (IFIs).
“Finastra has been a strategic partner of Al Rayan Bank for more than 16 years, underscoring our commitment to the bank’s growth and success,” said Siobhan Byron, EVP of Universal Banking at Finastra. “Our flexible and customer-focused approach ensures that Al Rayan Bank can continue reimagining banking services to align with their customers’ expectations and values.”
The upgrade to Finastra’s advanced core banking system will enable Al Rayan Bank to offer a more seamless and integrated banking experience while reinforcing its position as a leader in Islamic finance via this bank fintech partnership.
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