First Abu Dhabi Bank (FAB), the UAE’s largest lender, is significantly upgrading its Islamic banking operations in Saudi Arabia by expanding its long-standing collaboration with banking technology provider Temenos. The move will see FAB modernise its core banking and payments platform to better serve the Kingdom’s growing market.
Quick Facts
- FAB is overhauling its Saudi Islamic banking platform.
- The project uses Temenos’ cloud-based banking software.
- The upgrade targets retail, SME, and corporate clients.
A Cloud-Native Overhaul for Saudi Operations
As part of the initiative, FAB will implement Temenos Core Banking, Payments Hub, and Data Hub on cloud infrastructure located within Saudi Arabia. This transition is designed to equip the bank with the agility to deliver a wider range of Shari’ah-compliant banking services while improving operational efficiency.
The new technology stack will also help FAB strengthen its governance and ensure its operations are fully compliant with the evolving regulatory standards in the Kingdom.
Aligning with Saudi Vision 2030
FAB’s decision to invest in its Saudi tech infrastructure underscores its commitment to the Kingdom’s financial sector transformation, a key pillar of Saudi Vision 2030. By adopting a modern, cloud-native architecture, the bank aims to enhance its product offerings and regulatory reporting capabilities.
Fahad Aljuwaidi, CEO of FAB Saudi Arabia, commented on the strategic importance of the project.
“In alignment with Saudi Vision 2030, we are actively contributing to the transformation of the financial sector by strengthening governance, enhancing regulatory standards and introducing innovative banking solutions.”
Extending a Decade-Long Partnership
The deployment in Saudi Arabia builds upon a relationship between FAB and Temenos that spans more than a decade. The UAE banking giant already uses Temenos Core Banking across its multi-entity operations in 12 different countries.
According to FAB, Temenos’ established presence in Saudi Arabia and its experience with other Islamic banks in the region were key factors in the decision.
Santhosh Rao, Managing Director for the Middle East and Africa at Temenos, added his perspective on the expanded collaboration.
“We are proud to extend our collaboration with FAB in Saudi Arabia, one of the region’s most dynamic banking markets. Our core banking technology will empower FAB to accelerate its digital transformation and drive operational excellence.”
About First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank is the UAE’s largest bank and one of the world’s largest and safest financial institutions. Headquartered in Abu Dhabi, FAB’s network spans five continents, providing global relationships, expertise, and financial strength to support local, regional, and international businesses.
About Temenos
Temenos is a Swiss-based company that specializes in enterprise software for banks and financial services. It is one of the world’s leading providers of banking software, serving over 3,000 firms from the largest banks to challengers and community banks in more than 150 countries.
Source: Fintech News UAE
