Assaray Trade and Investment Bank kicks off digital overhaul with Temenos
Libya’s Assaray Trade and Investment Bank (ATIB) has selected Temenos and its Infinity and Transact systems to underpin the launch of new digital Islamic banking products.
FinTech Futures understands that Temenos will be replacing the Ethix core banking system, supplied by International Turnkey Systems.
Founded in 1997 as Al-Ahli Bank of Tripoli, ATIB offers both retail and corporate banking services throughout Libya and has around 50,000 customers.
Farouk Laabidi, general manager at the bank, says that Temenos’ track record for delivering “class-leading software” as well as the vendors “extensive” presence in the Middle East were key deciding factors.
He adds: “Deploying Temenos’ cloud-native, cloud-agnostic technology will allow us to benefit from rapid ROI and reap the benefits of remarkable efficiency gains and cost savings.
“Temenos technology will help us innovate at speed and deliver enhanced digital banking products and better experiences to our customers.”
The vendor has another Libyan client, Alejam’a Alarabi Bank, which selected Temenos T24 as its new core banking system in October 2018.
“Temenos Infinity and Temenos Transact will drive simplicity and efficiency and help to reduce [ATIB’s] operating costs,” says Jean-Paul Mergeai, managing director for Middle East and Africa at Temenos.