Amlak in core banking software overhaul with Temenos and NDC
Saudi Arabia’s Islamic lender Amlak International has chosen Temenos’ T24 core banking system for a tech revamp.
The implementation and delivery will be done by National Data Consultants (NDC), a Pakistan-based system integrator and Temenos partner in the Middle East and Asia.
T24 will replace Silverlake Axis’ SIBS core banking system, which has been in use at Amlak for over a decade, Banking Technology understands.
Amlak specialises in real estate financing and development and caters for individuals (including high net-worth), corporates and real estate developers.
It is a subsidiary of Saudi Investment Bank, which is a long-standing user of Misys’ core, capital and treasury management (TCM) and trade finance solutions.
Temenos has a number of customers in Saudi Arabia. These include Alinma Bank, Bank Albilad and Aljazira Capital.
There is also an ongoing T24 project at Samba Financial Group. The project started in 2011 and has been a difficult, long-suffering affair, Banking Technology understands. It is yet to go live, it is understood.
However, Samba’s subsidiary in Pakistan has been more successful in its T24 roll-out, with the new system going live there at the start of 2017. The aforementioned NDC was the system integrator. Samba’s operations in the UAE are also now live with T24.