Karachi: Methaq Islamic Bank from Bank Muscat, the leading Islamic banking institution in the Sultanate of Oman, has successfully migrated from its legacy Core banking system to Temenos headquarters for retail and corporate banking, with a major digital transformation. Support from global systems integrator Systems Limited.
Meetaq is Oman’s largest Islamic banking one-stop shop, offering a range of Shariah-compliant Islamic banking products and services including deposit products, consumer financing, credit cards, corporate banking, internet banking, mobile banking and a 24X7 call center. clients and corporate clients. Meetaq provides Shariah-compliant financial solutions to partner companies that support the economy of the Sultanate of Oman.
The strategic partnership between Bank Muscat, Temenos and Systems Limited spans more than 15 years, reflecting Bank Muscat’s commitment to technological innovation and confidence in the capabilities of Systems Limited and Temenos. The area and scope of the project is significant and includes the implementation of several Islamic modules in Temenos Center for retail and corporate banking, processing into traditional Islamic banking, end-to-end data migration, customization of interfaces and functions, Islamic consumer financing. and accountability. Products in Module AA, Implementation of Mobile Banking and Creation Center of Excellence by Systems Limited.
The implementation of Temenos Core for retail and corporate banking enables Meetaq to offer seamless Islamic banking services at the client layer, significantly reducing operational costs by 20-30% and increasing time-to-market capabilities. This achievement underpins Methak’s expansion plans, with the expanded network supporting the establishment of 30+ branches and further strengthening its presence in the Islamic banking sector.
Shamzani Muhammad Hussain, Methaq Islamic Banking Group, Bank Muscat
“The transformation of Methak is a giant leap in reshaping the image of Islamic banking in Oman. This strategic shift to the latest Temenos Core banking platform, built with the unwavering support of Systems Limited, marks an important milestone in our journey and is in line with our long-term goals .Our approach to Meetaq goes beyond traditional banking; We want to be a beacon of Shariah-compliant financial services and drive economic growth in Oman. We believe that the system will support our ambitious expansion plans and strengthen our presence we are in the Islamic banking sector.”
Ammara Masood Global Industry GM Banking and Financial Services, Systems Limited
“This successful implementation is proof of the strong and lasting relationship we share with the Bank. Our partnership has contributed to the development of banking services and strengthening its leading position in the Islamic banking sector. This achievement reflects the commitment and experience of our team and strengthens our position in the region Middle East, making Systems Limited the partner of choice for innovative and effective banking technology services.”
Lee Allcorn, Managing Director – Middle East and Africa, Temenos
“Bank Muscat is a long-term customer of Temenos for traditional banking and we are proud that they trusted us when they decided to create a new core banking system for Meethaq. After a successful and successful implementation, Meetaq is well positioned to meet the needs of its customers and contribute to the growth Islamic banking industry in Oman.
