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Misys sees boom in Islamic banking

Posted on 09 February 2010

The rapid growth of the global Islamic banking market over the last five years has boosted the demand for specialised Islamic banking and finance software solutions, reports Misys plc, 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.”…………………………………Full Press Release: Source

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