Al Rayan Bank is rolling out a new Islamic core banking system aimed at its Qatar-based customers.

Al Rayan Bank provides Sharia compliant savings, finance and current account services to over 90,000 personal, business and premier customers. It was the first Islamic bank in the UK to receive a public rating.

The parent company and majority shareholder of Al Rayan Bank PLC is Al Rayan (UK) Limited, the UK subsidiary of Masraf Al Rayan Q.S.C, a Qatar-based Islamic bank providing banking, financial, investment and brokerage services across Qatar.

Al Rayan Bank, which describes itself as one of the largest Islamic banks in Qatar with international presence, has partnered with Finastra to roll out the new solution.

The move forms part of the organisation’s wider digital transformation, with the technology aiming to streamline operations, lower the total cost of ownership, and offer enhanced functionality for customers in Qatar.

The core banking system is powered by an open, microservices architecture.

“We are undergoing a technology transformation journey to ensure that we continue to offer robust, digital Sharia-compliant services that meet our customers’ needs when and where required,” said Hamad Al Kubaisi, group chief HR officer at Al Rayan Bank. “The next step in this journey is to upgrade our banking core with a solution that provides us with the necessary agility, rich functionality and advanced technology to keep pace with our customers’ needs.”

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