Thomson Reuters has launched a risk management system specifically tailored for Islamic banking. Kondor+ Suite for Islamic Banking is a real-time trade and risk management solution, which will provide full front-to-back and cross-asset coverage for Islamic banks as well as Islamic windows in conventional banks.
The Islamic finance industry has grown to approximately US$1 trillion. Recent events have shown that whilst Islamic banks have avoided the complex instruments that were central of the credit crisis, they have still been susceptible to the downturn. Non-performing loans and investment impairments in the region have mounted in the last year, resulting in a call from the market for systems that foster transparency. The new Kondor+ Suite for Islamic Banking is designed in accordance with Shariah rules under which financing and investment techniques are based on profits from trade rather than the paying and receiving of interest.
Andrew White, global head of risk management, Thomson Reuters, said: “From the trading risk perspective, Islamic finance operates in the same macro, tax, regulatory and legal environment as conventional financial services and has the same vulnerabilities to liquidity and confidence crises. As this community expands, niche or add-on systems no longer provide the kind of breadth and depth of functionality needed by financial institutions. Kondor+ Suite for Islamic Banking meets this market requirement.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.