Lesha Bank, the first Shariah compliant bank authorized by the Qatar Financial Centre Regulatory Authority and listed on the Qatar Stock Exchange (QSE), announced that it has successfully completed the ‘Temenos Transact R23’ upgrade, making it the first bank in the MENA region to do so. Lesha Bank completed the upgrade within a period of four months, highlighting its commitment to providing its customers with the latest digital solutions.
Temenos Transact is a digital core-banking solution utilized by over 1,000 banks globally. It offers a large set of banking functionality across corporate, retail, wealth management, treasury and payment services.
Lesha Bank CEO Mohammed Ismail Al Emadi commented on this achievement stating that: “We are delighted to have completed this major system modernization with Temenos. To be live on the new platform so quickly is a huge achievement and a giant leap forward for the bank. It puts us closer with the world’s leading financial institutions operating on the most advanced core technology with best-in-class banking and payment capabilities.”
Dukhan Bank, which recently listed its shares on the QSE, announced its financial results for the nine-month period ending on the 30th September 2023, reporting a net profit of QAR1.1 billion (US$300.11 million), a 2.5% increase compared with the same period last year. According to a press release published by Dukhan Bank, the growth in the bank’s net profit is mainly due to an increase in its net income from financing activities.
The Qatar Financial Centre (QFC) hosted an event at the end of October to launch the QFC Digital Assets Lab. The event was attended by the governor of Qatar Central Bank, Sheikh Bandar Mohammed Al-Thani, and the minister of commerce and industry, Sheikh Mohammed Hamad Al-Thani, among other influential figures.
The Digital Assets Lab aims to promote research, development and innovation in the digital assets and distributed ledger technology sectors. It also aims to provide a collaborative environment for start-ups and other businesses involved in the digital assets and distributed ledger technologies space. Furthermore, the Digital Assets Lab will allow applicants to obtain a license to operate and do business in Qatar, subject to meeting certain criteria.
The Ministry of Finance in Qatar announced the implementation of a new unified financial system for all ministries, government agencies and public institutions in the State of Qatar. This unified financial system aims to develop the governance of financial systems within those entities, improve and unify financial operations within the State, facilitate audits, secure financial information and ensure compliance with the requirements and procedures set out in the applicable laws.
Amjad Hussain is a partner at K&L Gates. He can be contacted at [email protected].