European Islamic Investment Bank Plc (EIIB) today announced that it has selected Infrasoft Technologiesâ OMNIEnterprise: Core Banking as the backbone for its technology infrastructure.
InfrasoftTechâs value proposition - providing end-to-end Shariaâa compliance with proven technology and a rapid deployment methodology - was the cornerstone to its selection. OMNIEnterprise is a pioneering solution which will function as EIIBâs single back-office processing engine across its Islamic treasury, capital markets, investment banking, trade finance, asset management and advisory businesses.
Commenting on the selection, John Weguelin, Managing Director of EIIB, said: "In selecting a system for our business, we were looking for a scaleable platform offering a straight through processing solution, and utilising modern architecture and programming. We were impressed with Infrasoft Technologiesâ willingness to meet our needs, their proven track record to deliver, and their desire to work with us to customise the systems that will help us develop a competitive advantage in servicing our clients."
Mr. Hanuman Tripathi, Managing Director, Infrasoft Technologies, said: "We consider this opportunity to work with EIIB an endorsement of InfrasoftTechâs ability to constantly deliver innovative and state-of-the-art products. OMNIEnterprise is a flexible and robust banking platform that will drive new business models around Shariaâa principles, thus helping give EIIB the competitive business edge. We are confident that our partnership will go a long way to meet EIIBâs strategic business needs in time and within budget. EIIB is a key client for us and we are happy to be a part of a new chapter in the Islamic Banking history of Europe".
EIIB was incorporated in the UK in January 2005, with the intention of becoming the first independent Islamic investment bank established and managed on a wholly Shariaâa compliant basis to be regulated by the FSA.
It submitted a formal application in August 2005 to the FSA, for Part IV permission to undertake the regulated activities of accepting deposits and to conduct investment business. EIIB anticipates that, subject to authorisation, it will be operational during the 1st half of 2006.
The founding shareholders of EIIB include Gulf based individuals and institutions, including a number of Islamic banks, as well as a number of individuals and companies in Europe.
The proposed range of products and services that EIIB will offer include the following Shariaâa compliant investment banking activities:
- Islamic Treasury and Capital Markets
- Asset Management, including Private Banking
- Trade Finance and Correspondent Banking
EIIB will seek to service a market niche in Europe that has only been lightly tapped by conventional and Islamic banks and by non-banking institutions, becoming a major participant in the market for Shariaâa compliant Islamic securities, treasury and investment products, as well as offering a range of advisory services to other Islamic institutions seeking to access the European markets.