Finastra, a global provider of financial software applications and marketplaces, today announced a new contract with Al Rayan Bank, one of the largest Islamic banks in Qatar, to implement a new, fully-fledged Islamic core banking solution. By using Finastra’s newest technology, the bank focuses on brushing up its services, reducing costs, and making its operations more methodological. This new system will help Al Rayan Bank provide finer digital aids that comply with Islamic laws (Sharia). 

Hamad Al Kubaisi, Group Chief HR Officer at Al Rayan Bank said “We are undergoing a technology transformation journey to ensure that we continue to offer robust, digital Sharia-compliant services that meet our customers’ needs when and where required,” He also mentioned “The next step in this journey is to upgrade our banking core with a solution that provides us with the necessary agility, rich functionality and advanced technology to keep pace with our customers’ needs.”

Stuart Rennie, Group Operating Officer at Al Rayan Bank said, “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. By migrating to Finastra’s next-generation core banking solution, we look forward to providing our customers with a streamlined, fully integrated offering and seamless user journeys.”

Finastra’s solution, called Finastra Essence, is crafted to make banking more active and viable. It can be used for both conventional and Islamic banking needs.

According to Siobhan Byron, EVP, Universal Banking at Finastra. “Finastra has been a close strategic partner with Al Rayan Bank for more than 16 years, which demonstrates our commitment to the bank’s growth and success.”