Infosys Technologies Ltd has informed that Finacle from Infosys recently unveiled its standalone Islamic Banking Solution as part of the global launch of version 10 of the Finacle Universal Banking Solution. Finacle Islamic Banking Solution addresses the complexities of Shariah compliant banking in today's environment by offering banks greater amount of flexibility and quicker innovation.
Finacle Islamic Banking Solution has been developed from incisive insight into the Middle East, Far East and European markets and follows accounting standards recommended by Audit and Accounting organisation for Islamic financial institutions (AAOIFI). The solution promises banks in the region a flexible and varied feature repertoire to design and deploy products for varying market segments, based on different Islamic concepts including Mudarabah, Murabaha, Ijarah, Istisna and Tawarruq. Strong product definition features, support for Islamic accounting and complete traceability for audit, differentiate the solution. Completely self-contained, it is replete with the accounting backbone to support back office functionalities and provides Straight Through Processing (STP) capabilities on a SOA platform.
The solution allows banks to define an organization structure conducive to current requirements while factoring in flexibility to change the structure with scaling business needs. This means Islamic banking can be initiated as an add-on product offering in a branch of choice, and eventually converted to an independent Islamic banking unit, if required. It also offers a wide range of possibilities for business users at the bank to create products and embellish them with innovative features.
Mr. Haragopal M, Business Head, Finacle said, "As we continue to rapidly increase our customer base across the world, and specifically in the Middle East, the launch of our Islamic Banking Solution is a testimony of our commitment to the region. Two of the largest banks in the region have already reposed their trust in Finacle Islamic Banking Solution."
Finacle Islamic Banking Solution is powered by the BPEL and BPML compliant workflow engine. This, coupled with high parameterization capabilities, results in greater process efficiency, better risk mitigation, significantly lowered TCO and supports rapid roll out of Shariah-compliant products.
The Islamic banking industry is being redefined and reinvented as banks, the world over, respond to the opportunities presented by this rapidly growing new customer segment. Besides traditional markets such as Middle East, Indonesia and Malaysia, Islamic Banking is seeing growth in markets such as United Kingdom, Singapore, and many global conventional banks have started offering Islamic Banking.
As a leader in banking transformation, Finacle has a global footprint across 60 countries and has been acknowledged by top analysts including Gartner, Forrester and Celent among the leaders in the core banking solution space- Finacle is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award and The Asian Banker IT Implementation Award
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