AlRayan Bank Signs Core Banking Migration to Monument Technology
The UK's oldest and largest Islamic bank will migrate its core banking platform to Monument Technology, following a wave of global core modernization announcements.
AlRayan Bank, the United Kingdom's oldest and largest Islamic bank, has signed an agreement to migrate its core banking platform to Monument Technology, as reported by FinTech Futures on 9 November 2026. Contract details, including value, scope, and timeline, have not been publicly disclosed.
The announcement follows a series of core modernization moves in recent days: First New Mexico Bank of Silver City selected PhoenixWorx on 5 November, and Flagstar is progressing a core modernization program with Fiserv.
A similar pattern is visible in Indonesia, where Bank BSN opened a tender in July 2026 for consultants to conduct a core banking transformation assessment and vendor selection. Core migration projects typically reopen banks' wider integration stacks, meaning data, document flows, and workflows are rebuilt during implementation phases.