Al Rayan Bank has chosen Finastra to implement a new Islamic core banking solution.
The upgrade aims to enhance efficiency, reduce costs, and improve services for customers in Qatar.
Hamad Al Kubaisi, Group Chief HR Officer at Al Rayan Bank, said:
“We are undergoing a technology transformation to ensure we continue offering robust, digital Sharia-compliant services that meet our customers’ needs when and where required. Upgrading our core banking system will provide us with the agility, functionality, and technology necessary to keep pace with those needs.”
Finastra Essence, the selected solution, supports both conventional and Islamic banking.
It is built on an open, microservices-based architecture, designed to improve operational efficiency and enable institutions to quickly deploy new products and services.
Siobhan Byron, EVP, Universal Banking at Finastra, added:
“Finastra has been a strategic partner with Al Rayan Bank for more than 16 years, demonstrating our commitment to its growth. Our agile approach ensures banks like Al Rayan can deliver financial services that align with their customers’ expectations and values.”
Featured image credit: edited from freepik
