Islamic Banking

Offering unparalleled value and opportunities for growth  

We have moved into a new era, wherein banking and financial services organizations are displaying significant interest in gaining a slice of the Islamic banking pie. Growth in Islamic Banking and finance can be attributed to socio-demographic trends, such as:

  • High rates of population growth in the worldwide Islamic community supported by growing affluence, particularly across Asia
  • Increased customer demand for  Islamic Banking and financial products that provide opportunities to invest and borrow according to Islamic ethical principles as defined by Sharia law, while still offering the benefits of diversification and a full range of banking products and services

Banks are continuously seeking to innovate with new products and services and this process of innovation requires an Islamic banking solution that supports sophisticated and flexible product manufacturing processes allowing banks to build new products rapidly and well ahead of the competition.

Islamic Banking solution from TCS BaNCS:

The Islamic Banking solution from TCS BaNCS is a tested and proven solution, installed at many financial institutions across Asia and the Middle East, as well as their worldwide subsidiaries. This comprehensive solution maintains total separation of Islamic financial products from conventional ones, in compliance with Islamic principles and Sharai’ah laws. Furthermore, the solution offers:

  • Support for the complete transaction lifecycle from acquisition to servicing for a complete range of retail and corporate products
  • A variety of deposits and financing arrangements based on flexible, agile and function-rich product configuration options
  • A range of Foreign Exchange activities, remittances, payment as well as cards
  • 360-degree views of the customer for the bank and of the bank for the customer
  • Enterprise-wide information relating to regulatory reporting, risk management and bank-wide reporting
  • Based on a technology architecture that offers platform flexibility and unmatched scalability
  • Compliance with Sharia law, AAOIFI accounting standards and IAS, among others

To know how our Islamic Banking solution can help you experience certainty, write to us at tcs.bancs@tcs.com

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Banking on Islam

Charlie Hamdan, Director, Product Management Tata Consultancy Services writes about a technology perspective on Islamic Banking in this issue.

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