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Islamic Banking

See below for a list of independently written IBS Journal news and feature articles and IBS Intelligence Research vendor profiles, case studies and market analysis related to Islamic Banking Technology in order of publication date.

You may also be interested in our Islamic Banking Systems & Suppliers Guide featuring independent evaluations of the leading Islamic systems and their vendors including customer lists >>

Islamic banking refers to institutions providing banking services and products that comply with the stipulations of the Shari‘a – the law that guides Islamic behaviour and belief. A major requirement of Shari‘a compliance is that there must be an absence of any interest charges, either on the part of the lender or borrower.

As a result, lending under Shari‘a law uses different instruments than its conventional Western counterpart. Other banking services, such as current accounts, are very similar to the conventional systems but obviously no interest is charged on overdrafts nor paid on credit balances.

The assets in Islamic banking reached $300 billion in 2005 and in 2007 were estimated by S&P Services Rating Agency to be nearer to $500 billion. Market share by assets for Islamic finance in the six countries that make up the Gulf Co-operation Council (GCC) has now reached 17 per cent.

The rapid expansion of consumer interest in Shari‘a-based financial activity has seen a corresponding growth in the number of banking operators and operations. Territorially, this extends from the Islamic heartlands such as Indonesia, Malaysia and the Middle East, to regions not strongly associated with the Muslim faith.

Because of the differences in instruments in the Islamic banking world, the computer systems that support this form of banking have differences to their Western counterparts. Some conventional banking systems have successfully been adapted to the needs of Islamic banks while others have been specially designed from the beginning to support Shari‘a-compliant products.

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Article: Case study: Soneri Bank – One step ahead

02 May 2013

With financial crimes growing daily, banks are under increased regulatory scrutiny to ensure proper policies, controls and procedures are in place. IBS speaks to Soneri Bank in Pakistan about how strong its prevention of money laundering is and how...

Also labeled: Anti Money Laundering (AML) / Know Your Customer (KYC), Back Office Systems, Compliance / Regulations, Financial / Banking IT Innovation, Retail Banking, Risk Management

Article: Wahda Bank live with iMAL core system

29 April 2013

Libya-based Wahda Bank has launched its Islamic banking services range on Path Solutions' iMAL core system. More business in the country is to follow, says the vendor, as domestic banks are mandated to go fully Shari'ah-compliant by 2015.

Also labeled: Back Office Systems, Commercial Banking / Corporate Banking, Core Banking Systems, Internet / Online / Mobile Banking / Channels / ATM Branch, Retail Banking, Supply Chain Finance / Trade Finance / Trade Services

Article: Bank Al Muamelat Assahiha in Mauritania goes live with iMAL

26 April 2013

Bank Al Muamelat Assahiha (BMS) has become the third live site in Mauritania for the iMAL core banking system from Kuwait-based Islamic banking software provider, Path Solutions. The vendor was chosen ahead of a spate of regional and international...

Also labeled: Compliance / Regulations, Core Banking Systems, Back Office Systems

Article: ERI: Olympic Banking System

17 April 2013

Independently researched profile featuring company status, history, background, future strategy, system functionality and technical specifications, plus an Islamic system user list and pie chart breaking down all system implementations by...

Article: Path Solutions: iMAL

05 April 2013

Contents: Management Summary / Company Details / Origins / First Clients / iMAL Technical Details / Accelerated Progress / iMAL Service and Functionality / Into New Regions / Further Expansion and Plans / Sales by Year 2005-2012 and by Region...

Also labeled: Retail Banking, Core Banking Systems

Article: Pibas: Pibas Core

05 April 2013

Independently researched profile featuring company status, history, background, future strategy, system functionality and technical specifications, plus an extensive, verified user list for Pibas Core.This supplier is also...

Also labeled: Back Office Systems, Core Banking Systems

Article: IDCorp: Banco

04 April 2013

Also labeled: Back Office Systems, Core Banking Systems

Article: ITS gains new Ethix core system taker in Saudi Arabia, Alawwal Capital

04 April 2013

Kuwait-based International Turnkey Systems (ITS) has gained a new taker for its recently launched asset management and investment banking system, Ethix Investment Solution, beating Advent Software to the deal.

Also labeled: Asset Management / Investment Management, Back Office Systems, Core Banking Systems, Private Banking / Wealth Management

Article: IBS Journal Middle East Supplement 2013

03 April 2013

In a recent conversation with IBS, the CIO of a multinational financial institution likened a core banking system conversion to a root canal treatment at the dentist: 'it is not something you would seek out, unless the pain is really bad'. And...

Also labeled: Back Office Systems, Core Banking Systems

Article: Analysis: Core banking systems market – Holding steady

03 April 2013

What has been happening in the core banking software market of the MENA region over the last year, and who is buying what? IBS investigates.

Also labeled: Back Office Systems, Cash Management / Corporate Finance / Treasury, Commercial Banking / Corporate Banking, Compliance / Regulations, Core Banking Systems, Retail Banking, Wholesale Banking

Article: Case study: National Bank of Egypt, Sudan – Turning risk into asset

03 April 2013

When the National Bank of Egypt (NBE) wanted to launch its new operation in Sudan, it placed its faith in regional supplier, International Turnkey Systems (ITS). Omer Sidahmed, the start-up's deputy general manager, shares the details of this...

Also labeled: Back Office Systems, Compliance / Regulations, Core Banking Systems, Internet / Online / Mobile Banking / Channels / ATM Branch

Article: Spotlight: Iran – Loss for some, gain for others

03 April 2013

Iran's banking software market is, for obvious political reasons, not on the agenda of many international vendors at present, but as banks here are interested in international software, it creates an opportunity for those who are willing and...

Also labeled: Back Office Systems, Core Banking Systems

Article: Country focus: Turkey – Turkish delight

03 April 2013

In the current financial climate, Turkey is a rare safe haven of banking industry growth, with nearly all types of banking – be it retail, investment, commercial or participation (Islamic) – on the rise. Still, the international suppliers are yet to...

Also labeled: Back Office Systems, Cash Management / Corporate Finance / Treasury, Commercial Banking / Corporate Banking, Core Banking Systems, Problem Projects, Retail Banking

Article: Bank Dhofar goes live with iMAL for Islamic operations

03 April 2013

Bank Dhofar, an Oman-based bank, has gone live with Path Solutions' iMAL core system for its Islamic banking operations. This new unit, named Maisarah Islamic Bank, opened for business earlier this year. iMAL is running alongside Bank Dhofar's...

Also labeled: Back Office Systems, Compliance / Regulations, Core Banking Systems, Internet / Online / Mobile Banking / Channels / ATM Branch

Article: B&F Soft: SmartBank

02 April 2013

Independently researched profile featuring company status, history, background, future strategy, system functionality and technical specifications, plus a verified banks user list for B&F Soft SmartBank.

Also labeled: Back Office Systems, Core Banking Systems

Article: SAB: SAB AT

28 March 2013

Article: International Turnkey Systems (ITS): Phoenix, Ethix

07 March 2013

Also labeled: Back Office Systems, Core Banking Systems

Article: Pibas: Pibas Core

07 March 2013

Article: Phase two of Tosan implementation underway at Khavar Mianeh Bank

07 March 2013

Following the recent go-live of the Negin Plus core offering from domestic vendor Tosan, Khavar Mianeh Bank in Iran has moved into the second phase of its IT project. Stage two involves the deployment of virtual channels and card payments switch....

Also labeled: Application Service Provider (ASP) / Software as a Service (SaaS), Back Office Systems, Core Banking Systems, Internet / Online / Mobile Banking / Channels / ATM Branch, Retail Banking

Article: Nucleus Software: FinnOne

06 March 2013

Article: Oman's first standalone Islamic bank enters phase two of iMAL implementation

04 March 2013

Bank Nizwa, the first fully-fledged Islamic bank in Oman, has entered into the second phase of its implementation project, installing new channels such as internet banking and SMS functionality. It is still early days for this venture and the...

Also labeled: Back Office Systems, Compliance / Regulations, Core Banking Systems, Internet / Online / Mobile Banking / Channels / ATM Branch, Retail Banking

Article: Burj Bank migrates to iMAL

04 March 2013

Pakistan-based Burj Bank has completed its implementation of Path Solutions' iMAL. The bank replaced the Ambit Retail Banking solution from Sungard in February 2013.

Also labeled: Back Office Systems, Core Banking Systems, Internet / Online / Mobile Banking / Channels / ATM Branch

Article: International Turnkey Systems (ITS): Ethix

01 March 2013

Article: Microlink Solutions: Mibs

01 March 2013

Article: Millennium Information Solution: Ababil

01 March 2013

Article: Who's bought what? – February 2013

06 February 2013

A round-up of recent orders in the financial technology sector worldwide. SAB, Nasdaq OMX and Lombard Risk are among the vendors gaining new deals. SK Bank in Poland and Panama-based Global Bank are among the financial institutions acquiring new...

Also labeled: Back Office Systems, Cash Management / Corporate Finance / Treasury, Core Banking Systems, Private Banking / Wealth Management, Risk Management, Trading Platforms

Article: Infosys Technologies: Finacle

04 February 2013

Article: BML Istisharat: ICBS

31 January 2013

Also labeled: Core Banking Systems

Article: Complex Systems Inc. (CSI): Banktrade

18 January 2013

Article: 3i Infotech: Kastle Core Banking, Kastle Treasury, Kastle Asset Liability Management, Kastle Universal Lending

14 January 2013

Also labeled: Core Banking Systems

Article: CCK Financial Solutions: Guava

14 January 2013

Article: China Systems Corporation: CS Eximbills/Eximbills

14 January 2013

Article: Glossary of Islamic Banking Terms

14 January 2013

This glossary has been compiled by the Islamic Institute for Banking and Insurance (IIBI). The explanations and spellings of the various concepts are the intellectual property of the IIBI and have not been altered by IBS to meet its own stylistic...

Article: Case study: Jaiz International Bank

14 January 2013

Around half of Nigeria's 155 million population is Muslim but Shari'ah-compliant finance had not been an option because of the absence of the supporting banking legislation. The full regulatory green light for Shari'ah banking came from the Central...

Also labeled: Back Office Systems, Core Banking Systems, Partnerships

Article: Case study: Saudi Hollandi Bank

14 January 2013

Spanning conventional and Islamic banking, Saudi Hollandi Bank has implemented Temenos' T24, albeit not without some pain along the way. It basically needed to be in a better position to compete in its home market. The previous infrastructure was very...

Also labeled: Back Office Systems, Core Banking Systems

Article: About the Islamic Banking Systems & Suppliers Guide

14 January 2013

In totally independent editorial, the new Islamic Banking Systems & Suppliers Guide from IBS Intelligence reviews the strengths and weaknesses of over 30 specialist suppliers and 40+ Islamic systems, analysing the background, functionality,...

Also labeled: Core Banking Systems

Article: Case study: Dubai Islamic Bank

14 January 2013

In June 2006, the board of Dubai Bank decided it was going to change its business model. The bank had been incorporated in 2002 as a conventional bank but decided to join the growing movement towards providing fully Shari'ah-compliant banking...

Article: IDCorp: Banco

08 January 2013

Independently researched profile featuring company status, history, background, future strategy, system functionality and technical specifications, plus an Islamic system user list for IDCorp Banco.This supplier is also profiled in...

Article: IBS Sales League Table 2013 Webcast

04 January 2013

Countdown of the Top 10 core banking systems vendors by new-name sales Jan-Dec 2012. The core banking systems market continues to struggle as the number of RFIs and RFPs across the globe were noticeably down over the course of 2012....

Also labeled: Back Office Systems, Core Banking Systems, Private Banking / Wealth Management, Retail Banking, Wholesale Banking

Article: Oracle FSS: Flexcube

04 January 2013

Article: FREE PREVIEW – Autosoft Dynamics: Autobanker

02 January 2013

Also labeled: Core Banking Systems

Article: Temenos: T24

02 January 2013

Article: SAB gains second Islamic taker, Maurisbank in Mauritania

11 December 2012

Against a backdrop of a growing economy, Mauritania's banking sector is expanding, with a strong Islamic aspect to this. SAB is a recent winner, having been selected by Maurisbank, while Path has added a couple of takers as well.

Also labeled: Application Service Provider (ASP) / Software as a Service (SaaS), Back Office Systems, Core Banking Systems

Article: Infopro: ICBA

10 December 2012

Also labeled: Back Office Systems

Article: Infrasoft Technologies: OmniEnterprise

10 December 2012

Article: Path Solutions: iMAL

10 December 2012

Article: Misys: Bankfusion Universal Banking, Equation/Bankfusion Equation, Midas/Bankfusion Midas, Trade Innovation, Opics/OpicsPlus

05 December 2012

Also labeled: Back Office Systems

Article: Islamic Banking Focus: Overview – No place like home

03 December 2012

When the Islamic banking industry took off, many predicted the rise of international players in the sector, but that hasn't materialised to date. Where is current demand coming from and are there signs of cross-border expansion? IBS polled...

Also labeled: Compliance / Regulations

Article: Islamic Banking Focus: Sales League Table – Activity report

03 December 2012

The Islamic core banking systems market has been rather stagnant over the recent years, with no sign of bold new-name wins. Instead, the industry seems to have substituted them with small start-up and replacement projects, leaving regional and...

Also labeled: Back Office Systems, Core Banking Systems

Article: Islamic Banking Focus: Case study – Al Baraka Islamic Bank

03 December 2012

Al Baraka Islamic Bank in Pakistan was heading towards Misys' Equation, but the acquisition of a larger bank in the country brought a change of plan. The migration to a local core system, Autosoft's Autobanker, has gone well and it looks as though...

Also labeled: Back Office Systems, Core Banking Systems, Mergers & Acquisitions (M&A) , Problem Projects