Meezan Bank, one of the largest Islamic banks in Pakistan, is set to undergo a digital revamp.
According to a report by FinTech Futures, the Islamic bank has selected Oracle FSS‘s front-end channels system as part of a company-wide digital revamp.
It further said that Temenos’ Kony and Infinity products were offered to Meezan Bank, but it preferred Oracle FSS’s Banking Digital Experience. Oracle FSS fended off competition from rival Temenos which is already working with the bank to provide its core system, T24 Transact.
The report stated that Oracle FSS issued a blanket statement on its recent deals:
We’re seeing a lot of momentum at the moment, working with new clients to support their transformations and expansion in a fast-growing and exciting region. We’re looking forward to announcing some of these deals soon where possible.
This move by Meezan to a new digital front-end will bring big digital changes to how their customers have previously interacted with the bank.
Meezan Bank is continuously growing its business in the country and has achieved total assets of Rs. 1 trillion—a significant landmark in the banking industry.
It is now the 7th largest bank in terms of deposits and the 8th largest in terms of the branch network. It is operating through 660 branches in 180 cities across Pakistan. Meezan Bank also recently announced that it has signed a deal with nine other banks to establish Pakistan Corporate Restructuring Company (PCRCL).