GENERAL INFO
HQ: Geneva, Switzerland Ownership: Public Founded: 1993 # Islamic Users: 48 # Staff: ~4,000
Key Clients: AIBK, Ajman Bank, Banco Union, Capital Bank, National Islamic Bank, Silkbank
Company Overview
• Founded in November 1993, the operation was initially set up as a UK-based company (Electronic Banking System or EBS)
• Temenos’ long established flagship product is T24 (rebranded as Temenos T24 Core Banking) with Islamic financing functionality
• Supports wide range of databases including Oracle, jBase, Microsoft, SQL server, DB2 and iSeries; supports multi-branch, multi-currency,multi-lingual
Product Overview
• Key functionalities: Deposits, loans, CRM, GL, FX, MM, trade finance, payments, Islamic bonds, Shari’ah compliant accounts, Islamic mortgages, Islamic securities and Islamic financing
Key Highlights
• The company has shown aggressive stance in marketing, sales, research and development, which has resulted in significant increase in user base
• Customers across multiple geographies: majority of the customers in Western Europe, Africa and Asia Pacific
Temenos Origins of T24
TEMENOS T24 CORE BANKING
Temenos’ long-established flagship core banking product is T24 (formerly Globus). The Islamic version of the system forms part of a family of Model Bank pre-configured versions of this. The system can draw on the range of ‘standard’ T24 functionality, but also has a reasonable selection of Islamic finance functionality at its disposal. The original Globus was the brainchild of Ernst Hennche, who was ex-Citibank and Lloyds Bank and came to reside in Ecuador running a company called Fisa. The original platform was Prime hardware running Pick but it came to run on Unix and Windows NT. It started as a pure treasury back office system but had functionality added for private and retail banking, and trade finance. It had a somewhat
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chequered early history, changing hands a couple of times before coming to rest with CTW Ltd, in 1993. CTW subsequently established Temenos.
The company, for most of the time under the tutelage of George
Koukis, has shown an aggressive stance in its marketing, selling and development, resulting in a significant increase in the user base. This is reflected in the fact that Temenos has regularly come in the top two in the IBS back office systems Sales League Table. In 2000, it gained 46 new name wins; in 2001, it gained 36, and a whole host of ‘micro-banking’ entities, but was marginally pipped by arch-rival, I-flex Solutions, in 2002. In the next few years it usually maintained a healthy second place position just behind I-flex and always with high numbers of gains (32 for T24 in 2005 versus I-flex’s 38; 40 in 2006 versus I-flex’s 43). In 2007, with I-flex’s sales dropping off, Temenos
Islamic Report
www.ibsintelligence.com
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