The solution, which has been developed in Singapore and Manila, has been integrated into the Avaloq Banking System and enables the bank to simplify processes of Shari’ah compliant products.
Bank Sarasin, which has been using the Avaloq Banking System since 2004, went live with Avaloq’s new Islamic Banking Solution. It allows the bank to more efficiently manage the increasing amount of clients requesting Shari’ah compliant banking.
Avaloq developed the solution as a part of its Avaloq Model Bank – a preconfigured adaptation of the Avaloq Banking System. The Islamic Banking solution covers a wide range of Islamic finance products, such as Murabahah Finance, Murabahah Placement, Diminishing Musharakah, Mudharabah, Ijarah, of which two products were successfully implemented at Bank Sarasin. The solution has been optimised for usability and performance to increase the productivity of both the front and the back office of a bank. The product, which can be adapted by any bank in need of a Shari’ah compliant banking platform, can be further customised to cover explicit regional requirements.
Francisco Fernandez, CEO Avaloq: "Islamic banking is one of the fastest growing segments of the worldwide financial industry, extending across the Middle East, South East Asia, Africa and Europe. Our Islamic Banking Solution addresses that trend in an efficient and integrated way.”
Bank Sarasin as a first mover and the Avaloq APAC team jointly and successfully integrated the Islamic Banking Solution into the bank’s specific environment. The solution went live on Nov. 17, 2012. "Avaloq’s Islamic Banking Solution is an additional asset to our product offering. It allows us to address this very specific banking niche, hence helping us to enrich our client experience," explains the IT Management of Bank Sarasin.