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i-flex announces deployment of FLEXCUBE for Islamic banking across Mid East

United Arab Emirates: Wednesday, May 16 - 2007 @ 13:51

These developments underscore i-flex’s commitment to the global Islamic banking industry.

•Dubai Islamic Bank, the world’s first fully-fledged Islamic bank, is already live with FLEXCUBE in locations outside Dubai while the implementation of FLEXCUBE for its Dubai operations is underway
•Sakana Holistic Housing Solutions will use FLEXCUBE for Islamic property financing in Bahrain
•i-flex’s first customer for FLEXCUBE for Islamic Banking in the Middle East, Shamil Bank in Bahrain has already gone live using the product as has Tamweel that provides Islamic housing finance
•A large Islamic Bank under formation in United Arab Emirates has chosen FLEXCUBE as its core banking platform.

i-flex solutions also announced the appointment of Jamil bin Hassan, an Islamic Banking Technology Expert and Thought Leader, as Principal Consultant for the Islamic Banking practice at i-flex solutions.

Speaking on the growth of Islamic Banking and the opportunity for i-flex, Joseph John, Executive Vice President for Universal Banking Products at i-flex solutions, said:

“Islamic Banking is the fastest growing asset class in the region with estimated US$ 750 billion of assets under management, recording a growth of 150% in 2006 alone. 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.”

“We are also delighted to have Jamil bin Hassan on board. Jamil brings to the table a wealth of knowledge in the area of Islamic Banking, Conventional Banking and Information Technology. His illustrious career, spanning over 27 years, includes previous positions as Chief Technology Officer of an IT company and Chief Information Officer of an Islamic Commercial Bank in Asia Pacific. He 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.”

Hassan commented: “I’m very excited to drive i-flex solutions’ FLEXCUBE which has invested 100 man years in developing a customized product for Islamic Banking. As this segment grows exponentially, outperforming conventional banks, the moot question is ‘how to enable Islamic Banks talk to each other in the same language’. Apart from standardizing various touch points for customers, Islamic Banks will have to arrive at common ‘compliances’ and innovate within the realms of Islamic Banking. And IT can be the biggest enabler in all these areas.”

He added: “i-flex solutions has been constantly enhancing the solution capabilities for Islamic Banking, and with customers already running live operations and satisfied, FLEXCUBE now delivers the best in class platform for Islamic Banking. Besides traditional markets such as Middle East and Malaysia, Islamic Banking is seeing growth in markets such as United Kingdom, Singapore, and many global conventional banks such as HSBC for instance, 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.”

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Wednesday, May 16- 2007 @ 13:51 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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