TSYS announced it has signed an agreement with Qatar International Islamic Bank to license PRIME 4, the latest version of TSYS’ future-focused PRIME payment solutions platform. Qatar International Islamic Bank 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, Qatar International Islamic Bank 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 Qatar International Islamic Bank 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 Qatar International Islamic Bank. He added, “By consolidating our cards onto the PRIME payments platform, Qatar International Islamic Bank 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’s, Payment Application Data Security Standard. 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 Qatar International Islamic Bank 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 Qatar International Islamic Bank 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, Qatar International Islamic Bank is one of the leading Islamic banks in the Middle East and North African MENA region and is listed on the Qatar Stock Exchange. Within the framework of Qatar International Islamic Bank’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 is a global payments provider, offering solutions across the payments spectrum — from issuer processing and merchant acquiring to prepaid programme management. TSYS generated revenue of $4.2 billion in 2016, while processing more than 25.5 billion transactions.