National Bank of Fujairah signs up for New Core Banking Solution


Dubai -June 14th 2006: National Bank of Fujairah, a leading UAE Bank, today announced that it has signed a contract with Switzerland based Temenos for licensing and implementation of its Core banking system, "T-24".

The overhauling of IT infrastructure is part of the Bank's future growth strategy for launching new products and enhancing customer services, in addition to expanding its network with its stated entry into the Retail Banking segment. 

The Core Banking System has been selected based on a detailed assessment of leading global solutions by a senior management team from across different business functions.  The evaluation process included functional and technical requirements of the Bank, and Temenos was identified as the best-fit solution. The selection of the system was project managed jointly by the Bank and Cedar Management Consulting - a leading Global Management and IT Consulting firm.

Speaking on the occasion, Mr. Asad A Ahmed, General Manager, National Bank of Fujairah said, "National Bank of Fujairah has been at the forefront of Corporate product and service innovation in the region and with the implementation of the new technical infrastructure, the Bank will be able to offer further improved customer services coupled with world class Corporate, Retail and Islamic products to achieve customer centricity. The selection of the system comes after rigorous evaluation of top global systems with world class methodology. Temenos suits us well and we have been especially encouraged by the energy of their team and the similarity in our mindsets".

Mr. Jean-Michel Hilsenkopf, EMEA Director, Temenos SA said, "This is a very strategic win for Temenos as its first sale of its Oracle based new generation T24 core banking system in Dubai and reflects our commitment to be the software choice of leading Banks in UAE. We are very excited to be associated with National Bank of Fujairah and we will be working closely with the Bank's team to help them effectively leverage technology to meet their ambitious growth plans."

The implementation program for the new system is expected to start immediately, and will include a disaster recovery setup for the Bank. Expected to go-live by early second quarter 2007, the implementation will be project managed by US based Cedar Management Consulting. The new core banking platform will provide the Bank with a significant edge in offering new products and services, and augur well to support its accelerated growth plans.

Scope of Solution:
Core Banking Solution covering Corporate and Retail Banking across all Asset and Liability products, Treasury, Trade Finance services, Islamic Banking and Internet banking.

Implementation Timeframe:
To be commenced immediately and completed by early second quarter, 07.

Value of Deal:
Undisclosed

What is good about this product?
T24 is a modern and integrated single Core Banking solution. T24 has been a leading product for more than ten years, and is proven in over 500+ institutions.  Temenos has been a leading core banking software solution globally for the last decade.

What are the key benefits to be drawn by National Bank of Fujairah
T24 is a universal banking system, which consists of a series of modules.  These modules may be deployed in different ways.  The benefit from implementing a complete front to back solution derives from the high level of real-time integration between all parts of the system, spanning transaction capture, verification, delivery, position management and risk control.

NBF is listed on the Abu Dhabi Stock Market under the symbol "NBF".