The rapid growth of the global Islamic banking market over the last five years has boosted the demand for specialized Islamic banking and finance software solutions, reports Misys, an application software and services company. With the influx of mainstream banking institutions, particularly leading Western brands, into Islamic banking throughout the world, specialist solution vendors help with the 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," said Samir Safa, business development manager, Islamic Banking at Misys, in a statement. "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."
Research from the analyst community estimates that the global Islamic banking market is now worth over $500 billion, with growth forecast of between 10 and 15 per cent during 2010.
Misys provides its BankFusion Equation Islamic Banking and Finance solution for retail and corporate banking clients. The software supports a wide range of Islamic Finance products, including Murabaha, Ijarah, Istisna, Musharaka and Al Tawarruq, together with Islamic Profit calculation and distribution. Misys Opics Plus provides front-to-back office, cross-asset processing of Commodity Murabaha (including Contributor Trades), Reverse Murabaha, Wakala Investment and Financing, Deposit Exchange, Sukuk, Al Tawarruq and FX spot.