{"url":"https://newsforagent.com/news/2026-10-23/temenos-raya-financing-core-banking","markdown_url":"https://newsforagent.com/news/2026-10-23/temenos-raya-financing-core-banking.md","title":"Temenos Wins Raya Financing Core Banking Deal in Saudi Arabia","headline":"Temenos Selected by Raya Financing to Run Shariah-Compliant Lending on Private Cloud","description":"Raya Financing picks Temenos Core to run retail, leasing and auto finance in a Saudi private cloud, with SME and home finance products to follow.","section":"Partnerships","published_at":"2026-10-23T10:01:52+00:00","modified_at":"2026-10-23T10:01:52+00:00","author":"News Desk","key_takeaways":["Raya Financing selected Temenos Core to support retail finance, leasing and auto finance, plus a pipeline including personal finance, SME finance, buy now pay later and home finance.","Temenos Core will be deployed in a private cloud in Saudi Arabia and supports Shariah-compliant products.","Raya Financing reported a net profit of SAR 8.54 million for the three months ended March 31, 2026, a 59% year-over-year decline."],"companies":[{"name":"Temenos","is_primary":true,"profile_url":"https://akta.pro/company-profiles/0000qef/temenos","website":"http://www.temenos.com"},{"name":"Raya Financing","is_primary":false,"profile_url":"https://akta.pro/company-profiles/000hke6/raya-financing","website":"https://www.rayafinancing.com"}],"source":{"publisher":"Finextra","title":"Temenos selected by Raya Financing","url":"https://www.finextra.com/pressarticle/111425/temenos-selected-by-raya-financing?utm_medium=rssfinextra&utm_source=finextrafeed"},"other_sources":[],"tags":["Partnerships","Temenos","Raya Financing"],"body_markdown":"Temenos said on October 23, 2026 that Raya Financing selected Temenos Core to power the next phase of its growth strategy, deployed in a private cloud in Saudi Arabia. [Finextra](https://www.finextra.com/pressarticle/111425/temenos-selected-by-raya-financing?utm_medium=rssfinextra&utm_source=finextrafeed) carried the announcement.\n\n## Raya Financing Picks Temenos Core for Islamic Lending\n\n[Raya Financing](https://akta.pro/company-profiles/000hke6/raya-financing) chose [Temenos](https://akta.pro/company-profiles/0000qef/temenos) for core banking and Islamic finance functionality, including support for Shariah-compliant products, and for localized capabilities in the Saudi market. The platform is designed to centralize product and transaction processing, streamline operations and speed product development as requirements change.\n\nRaya Financing will run retail finance, leasing and auto finance on Temenos Core, alongside a pipeline that includes personal finance, SME finance, buy now pay later and home finance. Temenos said its configurable capabilities let multiple products be managed on a common platform without extensive custom development.\n\nMohammed 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.\"\n\nSanthosh Rao, Managing Director, Middle East and Africa, at Temenos, said: \"We are delighted to welcome Raya Financing as a new Temenos client. 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.\"\n\nRaya Financing reported a net profit of SAR 8.54 million for the three months ended March 31, 2026, a 59% year-over-year decline, which it attributed primarily to the non-recurrence of prior-year securitization gains and higher credit losses, according to [Sahmcapital](https://akta.pro/news-signals).\n\n## Temenos Scale Behind the Raya Financing Selection\n\nAccording to akta.pro [company records](https://akta.pro/company-data), Temenos reported CHF 1.1 billion in annual recurring revenue and a Q1 2026 ARR figure of $861 million. More than 3,000 financial institutions globally use its platforms, and the company has three funding rounds on record, including a September 2023 post-IPO debt round of $217.2 million.\n\n## Temenos Deployments Before the Raya Financing Deal\n\nOn October 22, 2026, Kingdom Bank went live on Temenos SaaS on Microsoft Azure, implementing Core, Payments and Financial Crime Mitigation to replace siloed legacy systems, Finextra reported. On October 19, 2026, Sound Credit Union adopted Temenos Collections SaaS to automate debt collection and integrate with its Symitar core, FinTech Futures reported. In May 2026, Pakistan's Habib Bank Limited went live on Temenos Core Banking across an initial 200 branches, according to akta.pro company records.\n\n## Raya Financing's Next Steps\n\nRaya Financing's product pipeline includes personal finance, SME finance, buy now pay later and home finance, which the company will add on Temenos Core as business requirements evolve.\n","publisher":{"name":"News for Agent","url":"https://newsforagent.com"}}