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Finacle from Infosys reinforces strong thrust on Islamic Banking
Finacle Islamic banking solution unveiled along with the recent Finacle 10 launch globally
Riyadh, March 6, 2008
Finacle from Infosys recently unveiled its standalone Islamic
Banking Solution as part of the global launch of version 10 of the Finacle Universal
Banking Solution. Finacle Islamic Banking Solution addresses the complexities of Shariahcompliant
banking in today’s environment by offering banks greater amount of flexibility
and quicker innovation.
Finacle Islamic Banking Solution has been developed from incisive insight into the Middle
East, Far East and European markets and follows accounting standards recommended by
Audit and Accounting organisation for Islamic financial institutions (AAOIFI). The solution
promises banks in the region a flexible and varied feature repertoire to design and deploy
products for varying market segments, based on different Islamic concepts including
Mudarabah, Murabaha, Ijarah, Istisna and Tawarruq. Strong product definition features,
support for Islamic accounting and complete traceability for audit, differentiate the solution.
Completely self-contained, it is replete with the accounting backbone to support back
office functionalities and provides Straight Through Processing (STP) capabilities on a
SOA platform.
The solution allows banks to define an organization structure conducive to current
requirements while factoring in flexibility to change the structure with scaling business
needs. This means Islamic banking can be initiated as an add-on product offering in a
branch of choice, and eventually converted to an independent Islamic banking unit, if
required. It also offers a wide range of possibilities for business users at the bank to create
products and embellish them with innovative features.
Mr. Haragopal M, Business Head, Finacle said, “As we continue to rapidly increase our
customer base across the world, and specifically in the Middle East, the launch of our
Islamic Banking Solution is a testimony of our commitment to the region. Two of the
largest banks in the region have already reposed their trust in Finacle Islamic Banking
Solution.
Finacle Islamic Banking Solution is powered by the BPEL and BPML compliant workflow
engine. This, coupled with high parameterization capabilities, results in greater process
efficiency, better risk mitigation, significantly lowered TCO and supports rapid roll out of
Shariah-compliant products.
The Islamic banking industry is being redefined and reinvented as banks, the world over,
respond to the opportunities presented by this rapidly growing new customer segment.
Besides traditional markets such as Middle East, Indonesia and Malaysia, Islamic Banking
is seeing growth in markets such as United Kingdom, Singapore, and many global
conventional banks have started offering Islamic Banking.
As a leader in banking transformation, Finacle has a global footprint across 60 countries
and has been acknowledged by top analysts including Gartner, Forrester and Celent
among the leaders in the core banking solution space. Finacle is also the winner of a
series of awards for its innovation and implementation capabilities, the most notable ones
being The Banker Technology Award and The Asian Banker IT Implementation Award
About Finacle Universal Banking Solution
Finacle from Infosys helps banks WIN IN THE FLAT WORLD by providing solutions and services
that enable a shift in their strategic and operational priorities. The offerings address the
comprehensive technology-led business transformation requirements of retail, corporate and
universal banks worldwide by maximizing their opportunities for growth, while minimizing the risks
that come with such large scale transformation.
Finacle earned the top slot in the Forrester Wave* on Retail Banking Platforms and was positioned
in the Leaders Quadrant in the Gartner Magic Quadrant for International Retail Core Banking**. For
more information, visit www.infosys.com/finacle
About Infosys Technologies Ltd
Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help
Global 2000 companies win in a flat world. These solutions focus on providing strategic
differentiation and operational superiority to clients. With Infosys, clients are assured of a
transparent business partner, world-class processes, speed of execution and the power to stretch
their IT budget by leveraging the Global Delivery Model that Infosys pioneered. Infosys has over
80,000 employees in over 44 offices worldwide. Infosys is part of the NASDAQ-100 Index. For more
information, visit www.infosys.com
*Source: “The Forrester Wave: Retail Banking Platforms, Q4 2006”, Forrester Research, Inc., November 2006
**Source: Gartner, Inc. “Magic Quadrant for International Retail Core Banking, 2006” Don Free, 25 January 2007
The Magic Quadrant is copyrighted 25 January 2007 by Gartner, Inc. and is reused with permission. The Magic Quadrant is
a graphical representation of a marketplace at and for a specific time period. It depicts Gartner’s analysis of how certain
vendors measure against criteria for that marketplace, as defined by Gartner. Gartner does not endorse any vendor, product
or service depicted in the Magic Quadrant, and does not advise technology users to select only those vendors placed in the
“Leaders” quadrant. The Magic Quadrant is intended solely as a research tool, and is not meant to be a specific guide to
action. Gartner disclaims all warranties, express or implied, with respect to this research, including any warranties of
merchantability or fitness for a particular purpose.
Infosys Technologies Ltd - Safe Harbor
Statements in connection with this release may include forward-looking statements within the meaning of US Securities laws intended to qualify for the “safe harbor” under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31 2007 and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.
