The rapid growth over the last 5 years of the Islamic Banking market globally, has boosted the demand for specialised Islamic banking and finance software solutions reports Misys plc (FTSE: MSY.L), the global application software and services company. With the influx of mainstream banking institutions, particularly leading Western brands, into Islamic banking throughout the world, the support from specialist solution vendors has become a necessity to ensure a smooth transition to Shariah-based banking.
“Banks embarking on Islamic banking operations in key markets around the world are searching for partners with a thorough understanding of the sector and a proven track record in delivery,” states Samir Safa, Business Development Manager, Islamic Banking at Misys. “Islamic banking has opened new and exciting growth possibilities, but it remains a challenge for banking institutions to work within the Shariah-based banking system and adopt its distinct practices. The core banking technology used by financial institutions that operate in this market is essential for meeting local customers’ needs, regulatory reporting, operational requirements, and Shariah boards’ approvals.
Research from the analyst community estimates that the global Islamic banking market is now worth over USD 500 billion, with growth forecast of 10 and 15 per cent during 2010.
Samir Safa continues: “Misys has provided specialised services and software solutions that have enabled banking institutions to maintain their competitive edge in this burgeoning market. Although the Middle East has in the past been the primary market for Islamic banking, we have been expanding our presence in other regions as the market grows globally. The experience and knowledge we have built from more than 25 years of delivering integrated, comprehensive solutions to customers puts us at the forefront of the marketplace.
Misys provides Equation Islamic Banking and Finance solution for its retail banking clients that helps them deliver robust and efficient products and services to their customers. Misys also offers a world-class Islamic treasury solution in Misys Opics Plus, a .NET service-oriented, treasury and capital markets solution with unsurpassed STP and back-office capabilities. Misys Opics Plus is a comprehensive solution for front-to-back office, cross-asset processing of a wide range of financial instruments. It handles vanilla and complex derivatives, fixed income, and equity and treasury trades in a single system. The two systems are fully integrated for financial institutions that require total Islamic coverage to satisfy all the needs of their customers.