Lesha Bank, an investment bank based in Qatar has migrated to the latest Temenos core banking platform to enhance its wealth management and investment banking services.
In a statement, Temenos said the move will enable Lesha Bank to get the modern API-driven, cloud-native technology and to have access to the latest banking capabilities from Temenos and the Exchange ecosystem.
By running on the latest platform Lesha Bank is aiming to streamline its processes in offering Shari’a-compliant investment opportunities and accelerate its digital initiatives, with personalization driven by data and AI. The bank is the first independent Shari’a-compliant bank authorised by the Qatar Financial Center Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange.
The move also enables Lesha Bank to leverage new functional capabilities to reduce the number of local customisations. For example, the bank has been able to move its SWIFT processing including securities settlement to core banking using the latest securities components as standard. A key benefit of this is improved functionality with a significant increase in Straight Through Processing and transaction processing time.
Mohammed Al Emadi, Chief Executive Officer of Lesha Bank, said: “We are delighted to have completed this major system modernisation with Temenos. To be live on the new platform so quickly is a huge achievement and a giant leap forward for the bank. Temenos propels our system towards the most advanced core technology with best-in-class banking and payments capabilities.”
William Moroney, Managing Director for Middle East and Africa, Temenos, added: “We are proud to support Lesha Bank and their vision to become a global leader in Shari’a-compliant banking. On the latest Temenos banking platform, Lesha Bank can keep on creating innovative and relevant products quickly and efficiently, and also leverage a modern architecture to take advantage of cloud opportunities for the future.”
