The move is expected to significantly enhance the bank’s ability to provide Sharia-compliant products and services. Credit: William Barton/Shutterstock.

Al Rayan Bank, based in Qatar, has tapped financial software provider Finastra to enhance its Islamic finance services.

The bank will implement Finastra’s Essence, a “next-generation” core banking solution, to streamline operations and offer Sharia-compliant products with improved functionality to its customers in Qatar.

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The Finastra Essence platform is claimed to integrate “advanced technology” with “deep functionality” to boost enterprise agility, cut costs, and enhance operational efficiency.

The tech company noted that the software platform’s open, microservices architecture allows for quick deployment of products and services, catering to both conventional banking and the unique requirements of Islamic Financial Institutions (IFIs).

Finastra Universal Banking executive vice-president Siobhan Byron said: “Finastra has been a close strategic partner with Al Rayan Bank for more than 16 years, which demonstrates our commitment to the bank’s growth and success

“A key part of our customer-centric offering is being agile when it comes to how we work and deliver our solutions.

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“This ensures banks like Al Rayan Bank can reimagine banking by delivering financial services that align with their customers’ expectations and values.”

According to Finastra, adopting its solution will offer Al Rayan Bank a comprehensive offering that not only lowers the total cost of ownership but also streamlines its operations.

This move is expected to significantly enhance the bank’s ability to provide Sharia-compliant products and services to its clientele.

Al Rayan Bank group operating officer Stuart Rennie said: “After an extensive selection process, we decided to extend our longstanding partnership with Finastra due to its robust and future-proof solution, and the trust we have in their team.

“By migrating to Finastra’s next-generation core banking solution, we look forward to providing our customers with a streamlined, fully integrated offering and seamless user journeys.”