Yemen’s Al Kuraimi Islamic Bank selects Temenos for digital banking
Al Kuraimi Islamic Bank (KIB), a Yemen-based microfinance lender, has chosen Swiss software provider Temenos to power its digital banking services and overhaul its legacy IT systems.
KIB currently serves 1.2 million customers, but says it wants to acquire another 3.8 million customers by 2023.
The lender will be using the cloud-native solutions ‘Temenos Infinity’ and ‘Temenos Transact’ to digitise its end-to-end operations.
More than 3,000 global banks rely on Temenos to deliver their transactions and client interactions.
Founded in 2010, KIB says its aim since has been to make financial services more easily accessible across Yemen, offering a suite of financing products to both small businesses and individuals.
The bank says Temenos’ technology will drive “remarkably low cost-income ratios”. The open application programme interfaces (APIs) in Temenos Infinity will help the bank further personalise its finance offerings, whilst Temenos Transact will underpin its digital products and speed up product roll outs.
Alongside these two products, KIB will also use ‘Temenos Islamic Banking’, which will ensure all new digital products are both compliant and specialized for the bank’s Islamic retail and corporate customers.
“Temenos differentiated itself from other vendors in its unique ability to combine core Islamic values with modern digital banking services,” says KIB’s CEO Yousif Alkuraimi.
“[Its] cloud-native technology will transform our operations by driving incredible efficiency gains, but most importantly, by helping to improve the standard of living for individuals and the prospects for businesses in Yemen.”