Temenos (SWX: TEMN), the global provider of integrated core banking systems, today announced that Azerbaijan’s Amrahbank Joint Stock Company (‘Amrahbank’) has selected Temenos T24 (T24) Model Bank to improve the level of service that it offers to its retail and corporate clients as well as back office processes. Established in 1993, Amrahbank offers a variety of retail and corporate banking services such as deposits, loans, credit cards, money transfers, documentary transactions, mortgages and investment services.
“One of the pre-requisites of our selection process was to find a modern core banking system to provide up-to-date, high quality information and services to our customers, as well as improved functionality, processing and security in the back and middle office. We also wanted the ability to offer new products and services to our customers and will be using T24 to launch a new internet banking service. Temenos’ global reputation and presence in our local market made it an obvious choice for us,” said Emil Mammadov, chief executive of Amrahbank.
As a second phase to the project the bank plans to implement T24’s Islamic Banking module to support its fully fledged conversion into a Shari’ah compliant bank once the necessary local legislative basis has been established. This will allow Amrahbank to benefit from the untapped Islamic banking market in Azerbaijan and neighbouring countries in the future, as well as increased cooperation between Azerbaijan and countries of the Middle East.
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