Award-winning Qatari bank licenses PRIMESM
COLUMBUS, Ga.: BUSINESS WIRE/ME NewsWire: TSYS (NYSE: TSS) announced today that it has signed an agreement with Qatar International Islamic Bank (QIIB) to license PRIME 4, the latest version of TSYS’ future-focused PRIME payment solutions platform.
QIIB is an award-winning Islamic bank that will leverage PRIME as a consolidation platform to manage all of its card issuing and multi-channel acquiring. By migrating to PRIME, QIIB will be able to improve operational efficiencies across its business, enabling it to better grow its current market offerings, covering Sharia-compliant revolving, debit and prepaid card products with EMV and contactless support, in addition to supporting eCommerce issuing with its integrated next generation TSYS InterActivSM technology.
“We selected TSYS on the strength of its global and domestic experience in order to ensure that QIIB has best-of-breed tools to continue our commitment to enhance and deliver top-quality products and services to our customers,” said Mohammed AlMawlawi, general manager, chief business development and marketing at QIIB. He added, “By consolidating our cards onto the PRIME payments platform, QIIB will be able to further enrich our clients’ payment options at much lower costs.”
TSYS’ PRIME 4 solution is fully compliant with the Payment Card Industry (PCI) Payment Application Data Security Standard (PA-DSS). It has a strong track record of supporting Islamic banks across the Middle East region in managing their Islamic Card product portfolios and services in accordance with Sharia principles.
“We are pleased that QIIB has selected TSYS for its payments platform. We are committed to the Qatari market where we have a high level of expertise and knowledge. We will work closely with the QIIB to help it meet its growth objectives and contribute further to the development of the Qatari payments market as a whole,” said Rene Kruse, chief operating officer, PRIME Business Solutions and group executive, TSYS International.
TSYS has approximately 400 clients across more than 80 countries around the globe. Its licensing footprint across the Middle East and Africa region — where it currently supports more than 30 PRIME clients — dates back to 1989.
Established in 1991, QIIB is one of the leading Islamic banks in the Middle East and North African (MENA) region and is listed on the Qatar Stock Exchange (QSE).
The Bank offers personal and corporate Islamic banking solutions to its rapidly increasing retail and corporate customers. Over the years, QIIB has seen many achievements in terms of maintaining growth in its balance sheet and strengthening its financial position despite unstable market factors.
International rating agencies had affirmed the Bank’s strong position as it acquired distinguished credit ratings with an ‘A2’ from Moody’s and an ‘A+’ from Fitch with a stable outlook from both agencies in 2016.
Within the framework of QIIB’s efforts to take its success to the regional market, it acquired a license from Bank Al-Maghrib (Morocco’s central bank) in 2016 to establish a joint venture Islamic bank – ‘Umnia’ in the Kingdom of Morocco in partnership with the Credit Immobilier et Hotelier.
TSYS® (NYSE: TSS) is a leading global payments provider, offering seamless, secure and innovative solutions across the payments spectrum — from issuer processing and merchant acquiring to prepaid program management . We succeed because we put people, and their needs, at the heart of every decision. It’s an approach we call ‘People-Centered Payments®’.
Our headquarters are located in Columbus, Ga., U.S.A., with approximately 11,500 team members and local offices spread across 13 countries. TSYS generated revenue of $4.2 billion in 2016, while processing more than 25.5 billion transactions. We are a member of The Civic 50 and were named one of the 2017 World’s Most Ethical Companies by Ethisphere magazine. TSYS is a member of the S&P 500 and routinely posts all important information on its website.