Meethaq Adopts Temenos Core Banking Software

Meethaq, the Islamic banking division of Bank Muscat in Oman, has successfully implemented Temenos' core banking software for its retail and corporate banking operations. This transition marks a significant milestone, with over 200,000 customer accounts migrated to the Sharia-compliant, cloud-based platform provided by the Swiss vendor's delivery partner, Systems Limited.

Shamzani Hussain, Meethaq's General Manager, highlighted that the new API-driven technology will facilitate innovation and provide competitive Islamic banking products and services, integral to the bank's ongoing digital transformation.

Established in 2013, Meethaq offers a range of services including deposit products, consumer financing, credit cards, and corporate banking, supported by a network of branches, contact centres, and digital banking channels.

This core banking upgrade follows a similar move by Oman Housing Bank (OHB), which also partnered with Temenos in April for its own core transformation. Bank Muscat has a long history with Temenos, having first adopted its platform 17 years ago to enhance revenues, profitability, and market speed.

The implementation reflects Temenos’ growing influence in the Middle East and Africa. In 2024 alone, banks such as BNI Madagascar, Cooperative Bank of Oromia in Ethiopia, and Stanbic Bank Kenya have undertaken similar modernisation initiatives with the vendor.