Misys, the global application software and services company, reported that the growth of Islamic banking market globally over the last five years had boosted the demand for specialized Islamic banking and finance software solutions.
Misys provides Equation Islamic Banking and Finance solution for its retail banking clients that helps them deliver products and services to their customers. Misys also offers an Islamic treasury solution in Opics Plus, a .NET service-oriented, treasury and capital markets solution with STP and back-office capabilities.
Misys Opics Plus handles vanilla and complex derivatives, fixed income and, equity and treasury trades in a single system. The two systems are integrated for financial institutions that require total Islamic coverage to satisfy all the needs of their customers.
Samir Safa, business development manager of Islamic banking at Misys, said: 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. 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. Misys has provided specialised services and software solutions that have enabled banking institutions to maintain their competitive edge in this burgeoning market.
Although the Middle East has in the past been the primary market for Islamic banking, we have been expanding our presence in other regions as the market grows globally. The experience and knowledge we have built from more than 25 years of delivering integrated, comprehensive solutions to customers puts us at the forefront of the marketplace.