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Saudi Islamic brokerage firm implements T24

Al Wasatah Al Maliah to implement Temenos' T24 Islamic banking system

Al Wasatah Al Maliah has become the first financial investment services company in Saudi Arabia which is not backed by a bank to implement Temenos' T24 Islamic banking system.

The newly established Islamic brokerage and investment house is implementing Temenos Islamic Model Bank for Saudi Arabia, which includes pre-configured Shariah-compliant modules such as the Tadawul Trading Platform, Asset Management, CRM and Islamic Banking modules as well as an Order Management System (OMS) that connects to multiple exchanges. This OMS is completely segregated from the company's back office system which supports trading for multiple exchanges, currencies, products and instruments.

Bassam Bin Gheshian, chief operating officer at Al Wasatah Al Maliah, said: "Our aim is to become a leader in the Islamic e-broking sector. We chose Temenos because we feel that it delivers the best technology on the market. T24 Model Bank will help us position our products and services in a way that will make them convenient and readily available to all investors. Using T24, our front and back office staff can deliver a seamless service to customers in all business areas. This is a crucial part of our commitment to nurturing our clients with a view to helping them develop into well-informed, profitable investors."

Al Wasatah Al Maliah signed with Temenos in February 2008 with a go live date scheduled for the summer of 2008. T24 will support all the company's operations in Saudi Arabia and the Gulf Corporation Council (GCC) states.

According to Temenos, T24 incorporates a comprehensive service orientated architecture (SOA), fully enabled for standard, simple object access protocol (SOAP) web services, and BPEL process execution and compliant with industry-leading enterprise service buses (EBSs).