AlRayan Bank embarks on core banking tech overhaul with Finastra
AlRayan Bank, an Islamic bank based in Qatar, is upgrading its core banking software to Finastra Essence, the flagship core banking solution from banking tech heavyweight Finastra.
The solution, which is tailored to Islamic finance needs and requirements, is a “holistic offering” that will streamline AlRayan Bank’s operations, lower total cost of ownership (TCO), and offer enhanced functionality to its domestic customers, the vendor says.
Finastra and AlRayan Bank signing ceremony
AlRayan Bank is fresh from a rebrand – it unveiled its new strategy, vision, and identity at the end of last year (it was previously known as Masraf Al Rayan). The bank says it is on “a journey to redefine modern Islamic banking” and emphasises its “commitment to innovation, customer empowerment, and supporting Qatar’s vision for sustainable growth”.
AlRayan provides Sharia-compliant retail, corporate, and private banking services; offers investment services via its subsidiary, Al Rayan Investment; and also has a banking subsidiary in the UK, Al Rayan Bank. The latter is the UK’s largest Islamic bank, offering savings, finance, and current account services to over 90,000 consumers and businesses.
Hamad Al Kubaisi, group chief HR officer at AlRayan, says the bank is “undergoing a technology transformation”. It has recently launched a new mobile banking app, AlRayan Go, underpinned by tech from Backbase. The firm’s core banking revamp is “the next step in this journey”, Al Kubaisi adds.
Finastra is a long-standing supplier to the bank, with its older core banking solution – Equation – implemented in Qatar and the UK, to FinTech Futures’ knowledge.
“After an extensive selection process, we decided to extend our longstanding partnership with Finastra due to its robust and future-proof solution, and the trust we have in their team,” comments Stuart Rennie, group operating officer at AlRayan.
