Al Rajhi Bank Jordan in front-to-back office tech overhaul with ICSFS

Al Rajhi Bank Jordan, an international branch of Saudi Arabia’s Al Rajhi Bank, the world’s largest Islamic bank, has selected the ICS Banks Islamic core banking system from regional supplier ICS Financial Systems (ICSFS).

The bank will also implement the digital channels solution from the vendor, ICS Banks Digital.

Al Rajhi Bank Jordan has been operating in the country since 2011, with a network of ten branches and 46 ATMs.

It embarked on the search to replace its legacy front-to-back office software two years ago and conducted a research of several international systems, followed by a tender, which also saw participation from a number of international vendors.

The Al Rajhi Bank Jordan and ICS Financial Systems signing ceremony

Robert Hazboun, managing director at ICSFS, assures the bank will have “an enriched customer journey experience, through leveraging the ICS Banks fully integrated, end-to-end, future-proofed financial and banking software suites”. He also promises a reduction in costs and an increase in productivity and efficiency as a result of the implementation.

Eyad Jarrar, CEO of Al Rajhi Bank Jordan, says that the banking tech supplier’s “differentiation in Islamic and digital banking software solutions will pave the way to provide our customers with fully digital Shariah-compliant products and services”.

In its home country, Al Rajhi Bank has also been undergoing major technology modernisation. In early 2019, it opted for a suite of Temenos solutions – Temenos Transact for core banking, Temenos Infinity for front-end digital channels, and Temenos Loan Origination for lending.

Meanwhile, in its subsidiary in Malaysia, Al Rajhi Bank Malaysia (ARBM) has signed to implement Thought Machine’s Vault core banking system to underpin its new digital-only bank.