TEMENOS T24 implemented by Al Wasatah Al Maliah

Telecomworldwire, May 7, 2008

TELECOMWORLDWIRE-7 May 2008-TEMENOS T24 implemented by Al Wasatah Al Maliah(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Temenos Group (SWX: TEMN), a provider of integrated core banking systems, announced on Tuesday (6 May) that Al Wasatah Al Maliah, a new Islamic brokerage and investment house, has become the first non bank-backed financial investment services company in Saudi Arabia to implement TEMENOS T24 (T24).

According to the company, Al Wasatah Al Maliah has chosen Temenos Islamic Model Bank for Saudi Arabia, which includes pre-configured products and processes based on banking best practices. The system includes Sharia-compliant modules such as the Tadawul Trading Platform, Asset Management, CRM and Islamic Banking modules, as well as an Order Management System (OMS) that connects to multiple exchanges. The OMS is segregated from the company's back office system, which supports trading for multiple exchanges, currencies, products and instruments.

T24 will support all of the company's operations in Saudi Arabia and the Gulf Corporation Council (GCC) states.

The solution reportedly offers a comprehensive Service Orientated Architecture (SOA), fully enabled for standard, SOAP (Simple Object Access Protocol) web services and BPEL process execution, and can be deployed on scalable, multi-server n-tier architecture. It provides a full front-to-back solution from electronic delivery channels such as mobile devices and Internet banking through to settlement, general ledger and other back office functions, in an integrated, cost effective environment.

Al Wasatah Al Maliah signed with Temenos in February 2008, with a go live date scheduled for the summer of 2008. No financial details were disclosed.

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