Islamic banking

Bank Islam plans digital Islamic banking roll-out

Bank Islam Malaysia Berhad is working with consulting firm Cognizant to lay the foundation for its digital banking platform roll-out across its entire network. Encik Khairul Kamarudin, CEO of Bank Islam, says the move will bring “greater accessibility to our customers as well as simplifying and improving their banking experience with us”. According to the […]

Islamic Finance House in Temenos T24 core banking system upgrade

UAE-based Islamic Finance House (IFH) has upgraded its core banking system to Temenos’ T24 R14 platform. IFH has been using T24 since its inception in 2004, and says the latest enhancement “has given way to resource optimisation, scalability management and shortened approval processes”.

Sungard out, Path Solutions in at Amãna Bank

Sri Lanka-based Amãna Bank has gone live with new treasury and asset management software, supplied by Path Solutions. The new products, iMAL Islamic Treasury and iMAL AssetManagement, replaced a legacy treasury and equity management platform at Amãna. Banking Technology understands that this was Sungard’s Ambit Treasury Management. The new software interfaces to Swift and supports […]

Bank of Punjab automates Islamic treasury; implements new RTGS system

Pakistan-based Bank of Punjab (BOP) has extended its partnership with local software vendor Autosoft Dynamics. Autosoft will implement its new real-time gross settlement (RTGS) system, AutoRTGS, at the bank and will also extend the coverage of the Adams treasury system to support Islamic banking. BOP is already a user of Adams for conventional banking operations. […]

QIB goes live on Temenos’ T24 core banking system

Qatar Islamic Bank (QIB) has finally gone live with a new core banking system, Temenos’ T24, nearly six years after signing the original contract. Gopi Krishnan, CIO at QIB, describes the implementation as the “fastest and most complex transformation programme in the Middle East region in the recent past”. Despite this, it actually was a […]

Path Solutions gains two new takers of iMAL core banking system

Path Solutions is implementing its flagship core banking offering, iMAL, at Summit Bank in Pakistan and Wifack International Bank in Tunisia. The contracts were signed in December and the roll-out is underway. Summit Bank Pakistan-based Summit Bank is implementing iMAL as it looks to grow its Islamic banking presence. Summit Bank was searching for a […]

Faisal Bank gets to grips with Islamic risks

As demand for Islamic banking services continues to rise, Faisal Islamic Bank of Egypt has overhauled its risk management to better handle the unique needs of ethical banking.

Taking ethical banking global

In early 2009, soon after the global subprime fallout, the official Vatican newsletter published a rather contextual referral for Islamic banking, observing that the ‘ethical principles on which Islamic finance is based may bring banks closer to their clients and to the true spirit which should mark every financial service‘, writes Riaz Akhtar, senior consultant, […]