AlRayan Bank selects Monument Technology for major banking transformation
Banking platform provider, Monument Technology, has announced that it has signed an agreement with AlRayan Bank, the UK’s longest-established Islamic bank, to support the largest technology investment in the bank’s history.
The agreement will see the two organisations work towards deploying Monument Technology’s cloud-native Banking Platform as a Service (BPaaS), with the aim of modernising AlRayan Bank’s core banking systems and improving its digital services.
The proposed partnership represents a significant step for Monument Technology, with AlRayan Bank becoming the third institution to select its platform and the first from the Islamic banking sector.
Under the plans, AlRayan Bank will use Monument Technology’s platform to bring together its core banking operations, including savings and current accounts, alongside property finance products and customer servicing.
The platform will also support regulatory reporting and digital banking, helping AlRayan Bank introduce new products more efficiently while improving the services available to its customers.
For AlRayan Bank, the agreement forms part of a wider investment in its technology infrastructure, designed to support future growth while maintaining the personal service and values-based approach that have been central to the bank for more than 20 years.
Monument Technology’s ‘Banking in a Box’ Banking Platform as a Service (BPaaS) model brings together core banking, customer service, payments and digital channels within a single managed platform.
Its modular design will give AlRayan Bank the flexibility to introduce new capabilities and upgrade or replace individual components as technology develops, without being tied to a single technology provider.
The platform already supports Monument Bank and has been deployed by Ecology Building Society. Earlier this year, Monument Technology also announced an agreement with Castle Trust Bank to migrate its savings business onto the platform.
TheCityUK estimates that global Islamic finance assets will reach $10 trillion by 2030, and the UK accounting for 85% of Europe’s Islamic finance market.
Steve Britain, CEO of Monument Technology, said: “Working with AlRayan Bank is an important step for Monument Technology, particularly as it takes us into Islamic banking for the first time.
Our approach is to give banks and building societies access to modern banking technology without the cost and complexity of developing and maintaining everything themselves. With three institutions now having selected our platform, we’re seeing growing interest in a model that allows banks to modernise while retaining control over how their businesses develop.
We’re looking forward to working closely with the AlRayan Bank team as we move towards the next stage of the agreement.”
Giles Cunningham, CEO of AlRayan Bank, added: “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.”
The agreement marks the first stage of the partnership, with both organisations now working towards final contracts and detailed implementation plans.
Subject to final agreements and applicable regulatory requirements, the new platform would be introduced in stages, allowing AlRayan Bank to maintain its existing services while bringing new capabilities online. The platform will be configured to support the Bank’s product offering and operating model, providing a strong foundation for future growth.