CIOL:i-flex bullish on Islamic banking industry

DUBAI: i-flex solutions had appointed an Islamic Banking Technology expert as an advisor, in an apparent bid to aggressively market its FLEXCUBE for Islamic banking.

The IT solutions provider said in a statement on Wednesday said Jamil bin Hassan, a thought leader and a banking expert, was joining as Principal Consultant for the Islamic banking practice at i-flex solutions.

“Islamic banking is the fastest growing asset class in the region with estimated $750 billion of assets under management, recording a growth of 150 per cent in 2006 alone,” Joseph John, executive vice president for Universal Banking Products at i-flex, said.

“Along side, banks are keen to standardize their operations and provide a unified customer experience, achieve compliance and innovate. These challenges provide an opportunity to i-flex solutions with our cutting-edge product suite which has been developed specifically for Islamic Banking,” he added.

Hassan, in his career spanning over 27 years, had been chief technology officer of an IT company and chief information officer of an Islamic Commercial Bank in Asia Pacific, i-flex said.

“He (Hassan) will focus on providing the thought leadership and direction for i-flex’s Islamic Banking solution enhancement and also consult with i-flex’s Islamic Banking Customers on core banking technology transformation,” John added.

Hassan said that besides traditional markets such as Middle East and Malaysia, Islamic Banking was growing in markets such as United Kingdom and Singapore.

“Many global conventional banks have started offering Islamic Banking. The next decade certainly belongs to Islamic Banking and i-flex solutions is committed to partner Islamic banks and financial institutions,” he stated.

i-flex had successfully deployed FLEXCUBE for Islamic Banking across the Middle East. The financial institutions that had chosen this solution included the Dubai Islamic Bank, Sakana Holistic Housing Solutions Shamil Bank, Tamweel and a large Islamic Bank under formation in United Arab Emirates, the statement said.

FLEXCUBE coverage comprised Islamic banking practices such as Murabaha, Mudarabah, Ijarah, Istisna, Tawarruq, Salam, Qardhul Hassan, Musharaka and Sukuk investments.

© CyberMedia News

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