Meezan Bank selects Temenos T24 Model Bank for Sharia-compliant banking   17th July 2007 Meezan Bank, Pakistan 's largest Islamic bank, has chosen Temenos T24 (T24) to provide centralised core banking across its branch network. T24, the company's modular core banking system, is expected to deliver full Islamic banking capabilities and enable Meezan Bank to reduce the time to market for new products, consolidate funds and trade finance banking operations, and simplify reporting and controls with a single centralised database. Ariful Islam, chief operating officer, Meezan Bank, says: “We needed to update our core banking system to support our planned future growth and to maintain our position as Pakistan 's leading Islamic bank. We have already achieved successful results with T24's treasury module and the level of local support available for the product was one of the factors that tilted our final decision to implement the complete T24 solution.” Meezan Bank originally deployed the T24 treasury module in November 2005.  Subsequently, the bank realised that it needed to replace the locally-developed Islamic Banker system which it had been using since 1996. After a year-long selection process, during which time it considered a number of leading local and international solutions, Meezan Bank signed the deal with Temenos in March 2007. Temenos will implement T24 Model Bank, which incorporates pre-configured functionality and processes for banking best practice to reduce the implementation time and costs, minimise customisation and lower the project risk. This will also include the T24 Pakistan Country Platform, with specific functionality to meet local banking requirements and regulations.
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