Published Date: March 06, 2008
Riyadh, March 6, 2008: 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 Shariahcompliant 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
Finacle from Infosys helps banks WIN IN THE FLAT WORLD by providing solutions and services that enable a shift in their strategic and operational priorities. The offerings address the comprehensive technology-led business transformation requirements of retail, corporate and universal banks worldwide by maximizing their opportunities for growth, while minimizing the risks that come with such large scale transformation.
Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was positioned in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**. For more information, visit www.edgeverve.com/finacle
Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a flat world. These solutions focus on providing strategic differentiation and operational superiority to clients. With Infosys, clients are assured of a transparent business partner, world-class processes, speed of execution and the power to stretch their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over 80,000 employees in over 44 offices worldwide. Infosys is part of the NASDAQ-100 Index. For more information, visit www.infosys.com
*Source: “The Forrester Wave: Retail Banking Platforms, Q4 2006”, Forrester Research, Inc., November 2006 **Source: Gartner, Inc. “Magic Quadrant for International Retail Core Banking, 2006” Don Free, 25 January 2007 The Magic Quadrant is copyrighted 25 January 2007 by Gartner, Inc. and is reused with permission. The Magic Quadrant is a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the “Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.
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