AlRayan selects Monument for tech transformation

AlRayan Bank has signed an agreement with Monument Technology to move onto a cloud-based and modular banking platform.

The Monument ‘Bank in a Box’ Banking Platform as a Service (BPaaS) is set to provide the technology foundation for the bank's operations.

AlRayan hopes the programme will deliver enhanced digital services, create a simpler and more flexible technology environment and enable faster launches of new products.

The platform is set to be tailored to support the bank’s Sharia-compliant product offering and operating model.

The programme will mark Monument Technolgy’s first move into Islamic banking.

Giles Cunningham, CEO at AlRayan Bank, said: “This is the most significant technology investment AlRayan Bank has ever made. Start-up challengers have great technology and big banks have great brands.

“This agreement isn’t just a technology upgrade. It’s about giving customers the seamless digital banking they expect, and we hope it becomes a case study for how mid-sized, specialist banks can modernise without losing what makes them unique.”

Steve Britain, CEO at Monument Technology, added: “We are delighted to be partnering with AlRayan Bank on this transformational programme.

“AlRayan Bank has a strong reputation, trusted relationships with its customers and ambitious plans for the future. Working with AlRayan Bank is an important step for Monument Technology, particularly as it takes us into Islamic banking and current accounts for the first time.”

(Pictured above L-R: Steve Britain, Giles Cunningham, Saalim Maahmood, CFO at AlRayan)