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the system. Aloufi admitted at this stage that not all the UAT had been completed for some of the retail functionality. Some modules were not live for the soft launch.
Aloufi also disclosed that the configuration of the solution had been challenging, putting this down to the fact that core implementation is ‘huge’, particularly as it is a multi- company version the bank was installing.
There were therefore some teething issues in the end-of- day process, and accounting. ‘We incurred some time loss because of the Model Bank,’ he said, pointing out that at the time Temenos did not provide an Islamic Model Bank. He believed other Islamic banks could therefore benefit from the work Alinma put in with Temenos on this front.
Project observations
At the beginning of the project, Alinma was confronted with the difficulty of finding sufficient resources for the implementation.
Temenos, felt Aloufi, ‘was struggling with some resources, as it was running three large Islamic projects concurrently, with similar deadlines. So we had to go to the market to find resources to help us and Temenos complete the installation.’
Within the sphere of implementation of the Islamic version of T24 generally, Aloufi felt Temenos’ resources to be sufficient, but outside assistance was required in some specialist areas. ‘The main problem in the project was finding specialist business consultants for areas such as FX.’
Aloufi put this down to the possibility that ‘maybe Temenos had a lot of projects in the Gulf area’. As he said though, the freelancers filled the gap well.
Overall, Aloufi was satisfied with the end result of the project. Alinma did not exceed the budget it had set itself, he said. ‘It was a successful project, and the relationship with Temenos will not end with the implementation. We now have one centralized, integrated system. We may have had minor issues with the software but Temenos has now solved this. So it was value for time, money and effort.’
Continued co-operation between Alinma Bank and
Temenos saw the roll-out of the system to the bank’s branches, which were 15 in number at the time of the project. In 2011 this rose to 35, while by 2014 it had 58 branches.
Functionality for underpinning new products was introduced Aloufi having stated that ‘we will continue to
Islamic Report
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have more products’. Other areas of focus on the IT side were around CRM and extra enhancements to the ARC front-end. The bank also decided to move all the reporting from T24 into a data warehouse. This, Aloufi believed, would ‘improve the data performance’.
Though a long project, Alinma Bank appears to be well- provisioned on the technology side, which should stand it in good stead for the future.
However, Temenos also seems likely to have benefited from the work put in to adapt T24 for a fully-fledged Islamic bank – a parallel can be seen with the T24 implementation undertaken by Blueshore Financial Credit Union (formerly North Shore Credit Union), which led to the availability of a T24 Model Bank for Canada.
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