Misys Sees Growth in Islamic Banking’s Global Market Drive Demand for Specialised Software Solutions
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 (LSE: MSY), 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
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
Research from the analyst community estimates that the global Islamic
banking market is now worth over
between 10 and 15 per cent during 2010.
provided specialised services and software solutions for over two decades
that have enabled banking institutions to maintain their competitive edge in
this burgeoning market. Although 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.”
Misys provides its BankFusion Equation Islamic Banking and Finance
solution for retail and corporate banking clients that helps them deliver
robust and efficient products and services to their customers. The solution
supports a wide range of Islamic Finance products, including Murabaha,
Ijarah, Istisna, Musharaka and Al Tawarruq, together with fully automated
Islamic Profit calculation and distribution. BankFusion Equation uses our
revolutionary BankFusion platform to deliver re-usable components. This
brings customers state-of-the art technology and unique flexibility,
re-architecting Equation into a service-oriented environment.
Misys also offers a world-class Islamic treasury solution in Misys Opics
Plus, a service-oriented, treasury and capital markets solution with
unsurpassed STP and back-office capabilities. Misys Opics Plus is a
comprehensive solution for front-to-back office, cross-asset processing of a
wide range of financial instruments. The solution provides support for
Commodity Murabaha (including Contributor Trades), Reverse Murabaha, Wakala
Investment and Financing, Deposit Exchange, Sukuk, Al Tawarruq and FX spot.
The two systems are fully integrated for financial institutions that
require total Islamic coverage (including operational window) to satisfy all
the needs of their customers.
About Misys plc
Misys plc (LSE: MSY), provides integrated, comprehensive solutions that
deliver significant results to organisations in the financial services and
healthcare industries. We maximise value for our customers by combining our
deep knowledge of their business with our commitment to their success.
In banking and treasury & capital markets, Misys is a market leader, with
over 1,200 customers, including all of the world’s top 50 banks. In
healthcare, Misys plc owns a controlling stake in NASDAQ-listed
Allscripts-Misys Healthcare Solutions, Inc, a clear leader in the provision
of healthcare technology, serving more than 150,000 physicians, 700 hospitals
and nearly 7,000 post-acute and homecare organisations. Misys employs around
6,000 people who serve customers in more than 120 countries.
We aspire to be the world’s best application software and services
company, delivering results for the most important industries in the world.
Misys: experience, solutions, results Contact us today, visit: http://www.misys.com For further information please contact Edward Taylor Global Head of Public Relations Misys Solutions for Banking and Treasury & Capital Markets +44(0)20-3320-5530 firstname.lastname@example.org Sebastian Mathews Financial Dynamics +44(0)207-269-7158 email@example.com
SOURCE Misys plc