Temenos gains new core banking tech client in Libya, Alejma’a Alarabi Bank
New core banking tech project for Temenos in Libya
Libya-based Alejma’a Alarabi Bank (AAB), has chosen Temenos’ T24 core banking system to renovate its IT infrastructure. In addition, AAB signed for a host of other products from the vendor, including for Islamic banking capabilities, analytics and reporting, financial crime mitigation, front office and payments.
The new software will be implemented by Prema Consulting, a Jordan-based system integrator and partner of Temenos.
AAB has over 77,000 customers and 23 branches countrywide. It offers temporary deposits, letters of credit and guarantee, foreign exchange trading, personal safes, credit facilities, ATM services, money transfer, and other financial services. It also provides investment advisory services for entrepreneurs and investors.
Temenos says AAB selected its software after “a rigorous, competitive evaluation”.
Dr. Hussein Zarrugh, head of project management at AAB, says the vendor’s “strong reputation in the country and for its global expertise”, as well as “the breadth and depth of functionality of Temenos’ digital banking platform” contributed to the decision.
Jean-Paul Mergeai, MD for the Middle East and Africa at Temenos, feels “the Libyan banking industry is opening up”.
The vendor already has a small number of users in the country, including Libyan Foreign Bank, Nuran Bank and Sahara Bank.
