Lesha Bank, a Qatar-based investment bank, has upgraded its core banking system to the latest platform offered by banking software company Temenos. This move marks a major step in enhancing the bank’s wealth management and investment banking services.

The bank, which has been a client of Temenos for an extended period, will now be able to transition to a modern, API-driven, cloud-native technology platform. This will allow it to access the newest banking capabilities provided by Temenos and its Exchange ecosystem.

This upgrade is expected to streamline Lesha Bank’s processes, particularly in offering Shari’a-compliant investment opportunities, and to accelerate its digital initiatives. The incorporation of data-driven personalisation and AI technologies is a key feature of this upgrade.

The adoption of Temenos’ platform is not just a technological upgrade but also a strategic move for Lesha Bank. It allows the bank to reduce the number of local customisations needed, thereby enhancing efficiency.

One notable improvement is the integration of SWIFT processing and securities settlement into the core banking system, which has significantly increased transaction processing speed and Straight Through Processing capabilities.

Lesha Bank, recognised for providing tailored Shari’a-compliant investment opportunities to high-net-worth individuals and institutional clients, is said to be the first independent Shari’a-compliant bank authorised by the Qatar Financial Center Regulatory Authority. It is also a listed entity on the Qatar Stock Exchange.

Mohammed Al Emadi, Chief Executive Officer of Lesha Bank said,

“We are delighted to have completed this major system modernisation with Temenos. To be live on the new platform so quickly is a huge achievement and a giant leap forward for the bank.

 

Temenos propels our system towards the most advanced core technology with best-in-class banking and payments capabilities.”

William Moroney, Managing Director for Middle East and Africa, Temenos said,

“We are proud to support Lesha Bank and their vision to become a global leader in Shari’a-compliant banking.

 

On the latest Temenos banking platform, Lesha Bank can keep on creating innovative and relevant products quickly and efficiently, and also leverage a modern architecture to take advantage of cloud opportunities for the future.”

Featured image credit: Edited from Unsplash