iflex offers solution for Islamic Banking

Bangalore, May 4 (UNI) Widening its horizon in banking solution offerings, iflex solutions, has extended its footstep to Islamic banking with five banks across the world already live with its solutions.

Built on the world leading core banking solution Flexcube, the Islamic banking solution offered tremendous potential with even multinational banks seeking it, Iflex CEO and Managing Director N R K Raman told newsmen here today.

A few banks in the Middle East were running their operations in Islamic banking solution, some in London and Malaysia have also shown interest, Mr Raman said.

He said according to a study the potential for Islamic Banking solution was around 7.5 billion dollars by 2008.

He said concepts of Islamic banking including sharing of profits by buyer and seller and zero interest rate have been fine tuned in the Flexcube platform.

Mr S Ramakrishnan, CEO of Reveleus, a business of iflex solutions said four banks and a Non-Banking Financial Company in India have implemented various modules of its Basel II solutions, covering Credit, Market and Operational risk.

The banks were Union Bank of India, Indusind Bank, UTI Bank and HDFC Bank. Fullerton India Credit Company had also sought Reveleus Basel II solution. The solution with its pre built rules framework for determining capital adequacy helped banks reduce the cost of complexity of compliance. It addressed all three pillars of Basel II, capital adequacy calculations, Supervisory oversight and market discipline. Worldwide Tier one clients including Citibank Wachovia, Wells Fargo, LLoyds TSB and Bank of Montreal have chosen REveleus Basel II engine, he added.

He said the selection of Reveleus by leaders in the Indian banking industry validated iflex vision to holistically address the credit, operational and market risk requirements for global financial institutions.

UNI