Finastra, a global financial software provider, has been chosen by Al Rayan Bank to implement a new Islamic core banking solution. Al Rayan Bank, one of Qatar’s largest Islamic banks with an international presence, aims to enhance its services through this upgrade.
Hamad Al Kubaisi, Group Chief HR Officer at Al Rayan Bank, stated that the bank is on a “technology transformation journey” to continue offering digital Sharia-compliant services that meet customer needs. He emphasized the importance of upgrading their banking core for agility and advanced technology.
Stuart Rennie, Group Operating Officer at Al Rayan Bank, mentioned that after an extensive selection process, they decided to extend their partnership with Finastra due to the solution’s robustness and future-proof nature. The migration to Finastra’s next-generation core banking solution is expected to provide customers with streamlined and integrated offerings.
Finastra Essence is designed to increase enterprise agility and improve operational efficiency. It supports both conventional banking and the specific needs of Islamic Financial Institutions in offering Sharia-compliant products.
Siobhan Byron, EVP of Universal Banking at Finastra, highlighted the long-standing strategic partnership with Al Rayan Bank spanning over 16 years. She noted that being agile in delivering solutions allows banks like Al Rayan Bank to align financial services with customer expectations and values.
