Photo: Credit Sombank
By Alex Hamilton
Somalia-based Sombank has selected a cloud-based deployment of the Temenos Islamic banking solution.
The bank plans to implement the full front-to-back Temenos platform, which combines Temenos Infinity and Temenos Transact. Temenos claims its “scalable innovative technology” provides “superior features” for Islamic banks to offer their customers Shariah products. Founded in April 2019, Sombank is a sister company of Tawakal Express, a Somalian international money transfer service.
Garad Khalif. Nor, CEO of Sombank, says his firm selected Temenos because of its “worldwide reputation” and “regional expertise in Africa”. He adds: “While we are a relatively new bank, Sombank has big ambitions to play a significant role in rebuilding the country’s financial infrastructure”.
Nor says using the Temenos system allows the bank to “achieve rapid time to value”. One of Sombank’s founding aims is to improve financial inclusion in Somalia, a country which has suffered from drought, internal strife and poverty in recent years. The bank says that it currently funds more than 421 projects, and 274 global corporate clients. It offer both mobile and online banking. Sombank has challenged itself to be the leading Islamic bank in the region,” says Jean-Paul Mergeai, Temenos managing director for the Middle East and Africa.
“This implementation is a big step forward as it embarks on this exciting new phase of its journey.”
Source: FinTech Futures