Bank Islam Selects Temenos Solution for Shariah-compliant Banking
Bank Islam Malaysia Berhad has selected Temenos T24 (T24) to support its core banking operations in 90 branches across Malaysia, including its Internet banking. Bank Islam offers more than 50 Islamic banking products and services, which are expanded from the traditional savings and investment types. The bank’s presence in the domestic arena caters to personal and commercial needs for Muslims and non-Muslims. T24 will replace two in-house systems, a Silverlake core banking platform and an i-Flex Internet banking system, which the bank has operated over the past 10 years. The Temenos Model Bank implementation methodology includes pre-configured products and processes based on banking best practice, to reduce implementation time and costs, minimise customisation and lower the project risk. A joint implementation team will roll out the T24 Model Bank, a pre-configured version of the T24 system that targets up to 80% functional fit out of the box. Bank Islam has selected Islamic and universal banking products and processes to ensure that it complies with Shariah banking laws and principles. T24 will be deployed on IBM P-Series Unix servers and an Oracle database, and is expected to go live in Q4 2008.