Raya Financing selects Temenos Core for product expansion

By Divya Shah

Why it matters: By adopting Temenos Core, Raya Financing gains a scalable platform that supports both conventional and Islamic finance products, enabling faster product launches and greater operational efficiency. The move also reflects the broader digital transformation taking place across the Kingdom’s financial sector as institutions modernise technology infrastructure to support Vision 2030 objectives.

Raya Financing has selected Temenos Core to support the next phase of its growth strategy, adopting the banking platform to streamline operations, expand product offerings and enhance scalability in Saudi Arabia. 

 The company chose Temenos for its core banking capabilities, including support for Islamic finance and Shariah-compliant products, as well as its local market expertise and experience serving financial institutions across the Kingdom. 

Deployed in a private cloud environment in Saudi Arabia, Temenos Core will provide Raya Financing with a modern platform to centralise product and transaction processing, simplify operations and accelerate the launch of new financing products. 

Mohammed Makkawi, Chief Information Officer at Raya Financing, said, “We selected Temenos as a trusted technology partner with proven experience in Saudi Arabia and a platform that fits our business needs. Temenos Core gives us the flexibility to manage a broader range of financing products, helping us simplify operations, bring new offerings to market more efficiently and keep pace with what our customers in the Kingdom will need next.” 

Raya Financing plans to use Temenos Core across its existing retail finance, leasing and auto finance businesses, while supporting future offerings that include personal finance, SME lending, buy now pay later (BNPL) services and home finance. 

The platform’s configurable architecture will enable the company to manage multiple products on a single system, reducing the need for extensive custom development and improving operational efficiency. 

The implementation comes as Saudi Arabia’s finance sector continues to expand under the Kingdom’s Vision 2030 agenda and the Financial Sector Development Program, which aims to create a more diversified and efficient financial ecosystem. 

 Santhosh Rao, Managing Director, Middle East and Africa at Temenos, said, “This is an exciting time for financial services in Saudi Arabia, and we look forward to helping the company scale its auto, retail and business financing and achieve its growth ambitions.”  

The deal further strengthens Temenos’ footprint in the Saudi market, where financial institutions are increasingly investing in modern technology platforms to support digital transformation, product innovation and business growth.