Al Rajhi Bank Malaysia (ARBM), a wholly-owned subsidiary of the world’s largest Islamic bank by assets, Al Rajhi Bank of the Kingdom of Saudi Arabia (KSA), has selected Thought Machine to power their upcoming next-generation digital bank and strengthen their position as a leader in Islamic banking, according to media reports.
The digital banking backbone will be provided by Thought Machine’s core banking engine, Vault. It was launched last year and offers a range of retail and SME financial services, such as savings and financing products. Thought Machine also mentioned that Vault’s product building capabilities will also help ARBM put together a full suite of Shariah-compliant products.
Arsalaan Ahmed, CEO, ARBM, told the media, “We are launching a state-of-the-art digital bank which will be differentiated by its high levels of innovation, customer convenience and reliability. We are tapping into the vast potential in technology offered by our key partners to help advance towards our vision of becoming the #1 Islamic finance innovation bank in Malaysia. Thought Machine has demonstrated that its highly competitive services are supported by exceptional technology and engineering. We are confident that Al Rajhi Bank Malaysia’s partnership with Thought Machine is a strategic decision for the future as we set out to build a digital bank unrivalled in its design and usability.`
Additionally, Al Rajhi Bank Malaysia is building a full suite of Shariah-compliant products and Vault’s product building capabilities, and it will play an extremely important role in allowing the bank to build and offer services tailored to their customers’ individual needs.