Bank AlBilad signs for Sterci Financial Messaging
Bank AlBilad in Riyadh has signed for Geneva-based Sterci’s Stelink financial messaging solution. Bank AlBilad is a new Islamic commercial bank, the Kingdom’s11th, which comes from the merging activities of eight money exchangers. The bank was granted the Saudi government licence in November 2004 and will start operating in the coming months. The bank will provide its customers with all banking products and services in compliance with Sharia (Islamic law). These products and services will be delivered though the bank branches kingdom-wide. Stelink will be integrated with the Temenos core banking system to process payments over SWIFTNet, SARIE (Saudi Arabian Local EFT) and Telex networks. Mr. Azzam Abaalkhail, CEO of Bank AlBilad, says: “We have selected Stelink for its capabilities to connect to multiple networks and its local support in Saudi Arabia. Additionally, Sterci has facilitated to us the administrative process to join SWIFT as a new member”.