Daily Times

Meethaq Islamic banking, from Bank Muscat-the leadingIslamic banking institution in the Sultanate of Oman, has achieved a groundbreaking digital transformation by seamlessly migrating from a legacy Core banking system to Temenos Corefor Retail and Corporate banking, with the support of Systems Limited, a global system integrator.

Meethaq stands as the largest Islamic Banking window in Oman, offering a full suite of Shari’a compliant Islamic banking products and services, including deposit products, consumer financing, credit cards, corporate banking, internet banking, mobile banking and 24X7 Contact Center for valued customers and corporate clients. Meethaq provides Shari’a compliant financial solutions to its partner companies, supporting the economy of Sultanate of Oman.

The strategic partnership between Bank Muscat, Temenos, and Systems Limited spans over 15 years, showcasing Bank Muscat’s commitment to technological innovation and trust in the capabilities of Systems Limited and Temenos. The project’s size and scope were substantial, involving several Islamic Module implementations on Temenos Core for Retail and Corporate banking , retrofitting of conventional to Islamic banking, end-to-end data migration, customization of Interfaces and functionalities, development of Islamic consumer financing and liability products on AA module, front-end mobile banking implementation, and the establishment of a Centre of Excellence by Systems Limited.

The implementation of Temenos Core for Retail and Corporate banking empowers Meethaq to offer exceptional Islamic banking services without downtime on the customer layer, significantly reducing operational costs by 20-30% and enhancing time-to-market capabilities. This achievement sets the stage for Meethaq’s expansion plans, with the scalable system supporting the establishment of 30+ branches and further solidifying their presence in the Islamic banking landscape.

“Meethaq’s transformation is a monumental leap towards redefining the landscape of Islamic banking in Oman. This strategic shift to the latest Temenos Core banking platform,orchestrated with the unwavering support of Systems Limited, marks a significant milestone in our journey and aligns perfectly with our long-term objectives. Our vision for Meethaq goes beyond traditional banking; we aspire to be the beacon of Shari’a-compliant financial services, setting industry benchmarks and fostering economic growth in Oman. We are confident that the scalability of the system will support our ambitious expansion plans, enhance our portfolio of Islamic banking offerings, and further solidify our presence in the Islamic banking landscape.”

Shamzani Mohammed Hussain, General Manager, Meethaq Islamic Banking Group, Bank Muscat

“This successful implementation is a testament to the strong and enduring relationship we share with the Bank. Our collaboration has contributed to enhancing their banking services and strengthening their position as leaders in the Islamic banking sector. This achievement highlights the dedication and expertise of our teams and solidifies our position in the Middle East region, making Systems Limited the partner of choice for innovative and impactful banking technology services.”

Ammara Masood

Global industry GM Banking and Financial Services, Systems Limited

“Bank Muscat is a long-term core banking Temenos customer for conventional banking and we are proud they put their trust in us when they decided to source a new core banking system for Meethaq. Following the smooth and successful implementation, Meethaq is well-positioned to meet the evolving needs of its customers and contribute to the growth of the Islamic banking sector in Oman.”

Lee Allcorn, Managing Director – Middle East & Africa, Temenos