The global Islamic banking market is now worth over US$500bn, with growth of 10-15% forecast during 2010, according to Misys.
“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,” said Samir Safa, business 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 boards’ approvals.”
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