Mumbai, August 7, 2015: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, today announced the release of a new version of TCS BaNCS for Islamic Banking that will offer comprehensive support for Shariah-compliant deposits and financing products for Islamic banks globally.
Jamil Hassan, Head of Islamic Finance Center of Excellence for TCS, said, “We are firm in our commitment to this space and have worked towards unifying the needs across banking, treasury and capital markets. This is a major release for TCS BaNCS and embodies our holistic approach in ensuring that all solution components are capable of supporting new and emerging requirements of Islamic banking across the globe, including regulatory and compliance requirements.”
2015 is the year that Islamic finance is headed mainstream, with assets held by Islamic financial institutions worldwide expected to double in the coming years, even as major Islamic players extend their footprint through standalone platforms or joint ventures. The soundness and resilience of the Islamic finance industry were proven a few years ago, making it a sector with low risk and good return. For this industry to thrive and sustain growth in the future, product development and the right technology are critical.
TCS BaNCS for Islamic Banking is a market-ready, pre-configured solution that can help potential customers meet their retail, commercial and corporate banking needs. The incorporation of commodity trading and inventory modules helps in the management and servicing of deposits and financing products that use commodities as underlying assets.
The financing component now supports seven additional new structures, including Islamic Overdraft, Construction Financing and Forward Ijarah. Enhancements have also been made to existing product structures that are based on Murabahah, Istisna, Ijarah, Musharakah, Mudharabah, and Salam.
The new Inventory module will now handle inventory, sales and purchase-related transactions to support trading under Murabahah, Commodity Murabahah, Salam, and Ijarah. The solution offers full support for the AAOIFI-based accounting treatment for Ijarah-based products, including the management of depreciation and computation of account profitability.
TCS BaNCS for Islamic Banking solution will give an impetus to construction and project financing products through its inherent flexibility, thereby allowing banks to pick and choose Forward Ijarah, Istisna or Commodity Murabahah contracts in constructing products relevant to this niche industry. TCS BaNCS continues to be in the forefront of core banking technology that supports both conventional and Islamic banking in a single version and codebase. Our clients can install the software in a single instance that can support both the lines of businesses or subsidiaries and achieve synergies.
About TCS Financial Solutions
TCS Financial Solutions is a strategic business unit of Tata Consultancy Services. Dedicated to providing business application solutions to financial institutions globally, TCS Financial Solutions has compiled a comprehensive product portfolio under the brand name of TCS BaNCS. Our mission is to provide best–of-breed solutions that drive growth, reduce costs, mitigate risk and offer a faster speed-to-market for our clients. With a global customer base of more than 280 institutions operating in over 80 countries, TCS Financial Solutions deliver state-of-the-art software solutions for the banking, insurance and capital markets industries worldwide. For more information, visit us at www.tcs.com/bancs.
About Tata Consultancy Services Ltd (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT, BPS,infrastructure, engineering and assurance services. This is delivered through its unique Global Network Delivery Model™, recognized as the benchmark of excellence in software development. A part of the Tata group, India’s largest industrial conglomerate, TCS has over 319,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $15.5 billion for year ended March 31, 2015 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.
For TCS global news, follow @TCS_News.
Subscribe to an RSS Feed of TCS Press Releases.
TCS Media Contacts:
Phone: +91 22 677 89999
TCS Financial Solutions Media Contacts:
Phone: +1 954 423 3560
Americas, Europe and UK:
Phone: +1 732 331 3084
APAC, India, Middle East and Africa:
Phone: +91 80 6725 6963