Britain isn’t ‘recovering’, whatever the Bank may suggest

Threadneedle Street’s forecasting has been faulty. But it must still play its central role in protecting jobs and the economy

The UK is performing better than expected. That was the message from the Bank of England’s governor, Andrew Bailey, following its latest review of the economy.

It was a message he almost muttered under his breath, as if knowing that almost anyone listening would yell back: “Oh no it isn’t!”

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Sombank picks Temenos Islamic banking systems

Somalia-based Sombank has selected a cloud-based deployment of the Temenos Islamic banking solution.

Founded in 2019, Sombank is a new bank in its home country

The bank plans to implement the full front-to-back Temenos platform, which combines Temenos Infinity and Temenos Transact.

Temenos claims its “scalable innovative technology” provides “superior features” for Islamic banks to offer their customers Shariah products.

Founded in April 2019, Sombank is a sister company of Tawakal Express, a Somalian international money transfer service.

Garad Khalif. Nor, CEO of Sombank, says his firm selected Temenos because of its “worldwide reputation” and “regional expertise in Africa”.

He adds: “While we are a relatively new bank, Sombank has big ambitions to play a significant role in rebuilding the country’s financial infrastructure”.

Nor says using the Temenos system allows the bank to “achieve rapid time to value”.

One of Sombank’s founding aims is to improve financial inclusion in Somalia, … Read the rest