The Islamic banking industry is growing at a considerable pace. To keep up with the growth, SunGard has extended its Ambit banking services to include Islamic banking capabilities for retail and commercial banks. SunGards Ambit Islamic Banking service offers banks a Shariah-compliant service for core banking, customer service management, card management, treasury management and risk and compliance.
Today, Islamic financial institutions operate in more than 70 countries. Some industry experts predict that total Islamic banking assets could grow by 15% over the next three years. This growth is generating a significant increase in demand for Islamic banking systems. Islamic banks are looking for flexible and scalable systems that allow them to quickly design Shariah-compliant products and services that can compete effectively against conventional banking products.
SunGards Ambit Islamic Banking service provides a core system that supports Mudarabah, Musharaka, Ijarah, Murabaha, Salam, Istisna and Bai Inah contracts for deposits, loans, leasing, cards and treasury products such as Sukuk bonds. Ambit Islamic Banking helps banks to design and customise products that cater to the requirements of different Islamic jurisprudences. It also helps to manage the specific risk requirements associated with Islamic banking including commodities and inventory risk, legal and Shariah compliance risk, equity position risk, mark-up risk and transfer risk.
For conventional banks operating an Islamic banking window, Ambit Islamic Banking helps execute banking transactions in accordance with Shariah as well as international standards. It also helps conventional banks perform traditional and Islamic banking operations independently within the same technology framework.
We understand that Islamic Banking provides a growth opportunity for many of our customers and that working with a single vendor across their core systems can help to increase efficiencies and improve time-to-market. Based on Ambits best-of-breed solution suite, Ambit Islamic Banking provides a Shariah-compliant solution covering retail and commercial banking operations for both pure Islamic banks and conventional banks operating an Islamic banking window, says Ken Dummitt, president of banks and corporations business, SunGard.