It has been over two decades since Islamic banks first appeared as active players and today Islamic Banking & Finance has become a force to be reckoned with. The provision of banking services adhering to Shari’a rules has grown to such an extent that many conventional banks, both Middle-Eastern and Western, have realised that it is a segment that demands their attention.

Large & Growing Market

In September 2003, the General Council of Islamic Banks, reported that assets in the global Islamic Banking & Finance (IBF) industry exceeded $260 billion and were growing at an annual rate of about 23.5%. Over the previous decade, annual IBF growth averaged about 10%.  At $260 billion the market is still small, but the addressable market is huge.

World-Wide Appeal

Although the Middle East is still home to most of the world’s 250-plus Islamic banks, a growing number of banks operating in the marketplace are domiciled elsewhere. Local players such as Malaysia’s Bank Islam Malaysia and the United Kingdom’s Islamic Bank of Britain are being joined by Citibank, HSBC’s Amanah and UBS’ Noriba subsidiary.

Specialist support for Islamic banking principles is needed from software vendors to help banks turn opportunity into profit, and that’s why Misys has created the Islamic Banking and Finance solution - powered by our market leading core banking system, Equation.

The Misys Islamic Banking and Finance Solution

With over 20 years experience in Islamic markets and over 70 clients in the Middle East, Misys has a strong heritage in helping banks deliver robust and efficient products and services.

Misys Equation, a reliable, scalable core banking system has been enhanced to specifically meet the needs of Shari’a-compliant banking practices. These enhancements have been made in a number of key areas for Islamic Banking and Finance:

• Finance Instruments;
• Fees and Charges;
• Profit Distribution;
• Finance Workflow.

For more information about how the multi-award winning Misys Equation Islamic Banking and Finance Solution can help you design, deliver and support products for this large and growing market place, please click here.