United Installment Sales Co. Ltd. (UIS), an Abdul Latif Jameel Company (ALJ) and the exclusive distributor of Toyota, Lexus & Daihatsu in Saudi Arabia, has signed an agreement to utilise Temenos’ core banking solution, T24, for its Islamic Real Estate Financing & Vehicle Leasing transactions.
The latest version of T24 includes significant enhancements for Islamic Banking offering, including Sharia-compliant automated workflows, allowing Islamic Banks to streamline processes such as booking Murabaha, Mudaraba, Istisnaa or Ijara contracts with enhanced operational efficiency. Built in controls within T24 Islamic will ensure that all booked contracts and accounting entries are fully legal from the Islamic Banking perspective.
The signing of the agreement, took place at MEFTEC, the financial technology conference for emerging markets. Bernard Delahaye, Regional Director of Southern Europe, Middle East, North Africa, Temenos, commented: “Temenos continues to be very successful in the Middle East with our Islamic Banking Model. A key reason for this is that we ensure that Islamic functionality is not just a collection of local developments, but part of the core T24 solution, which benefits all banks globally.“
“Under the leadership of Darryl Proctor, Head of Islamic Banking product strategy, and our product experts such as Fadi Yazbeck, we have an excellent regional team, who understand the current market, future market, and T24’s Islamic Banking capability within these areas,” he concluded.