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The IBS Islamic Banking Sales League Table 2017 reflected the market trend of increased adoption by banks with the total number of Islamic core banking deals in 2016 standing at 30, a significant jump from the 19 reported in 2015. As usual, universal banking systems accounted for more than 85% of the total Islamic banking transactions. The system suppliers landscape for Islamic banking solutions was made up of a mix of specialist suppliers, such as Path Solutions, and generic core banking vendors who offer a Shari’ah-compliant version of their conventional core banking product.

Last year’s winner, the Kuwait-based Path Solutions Islamic core banking system, iMAL, maintained its leadership position on the Islamic Sales League Table notching up nine deals in 2016, more than double the number in 2015. The runner-up on the Sales League Table was Temenos Core Banking’s Islamic Suite which also recorded a solid tally of seven deals in 2016, compared to three in 2015.

Islamic SLT 2017

Interestingly, deals by general core banking back-office vendors such as Temenos, TCS, Misys and others constituted almost half the total Islamic core banking deals. This is pretty much a reflection of the market dynamics, where general core-banking suppliers are offering Islamic banking suites to their conventional core-banking clients who are looking to introduce an Islamic window for their customers.

by Darshana Adanwale
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