IBSi FinTech Journal Supplement: Islamic Banking Technology

IBSi FinTech Journal keeps a close eye on the Islamic banking technology market and regularly reports on the developments that are taking place, and monitors the analysts’ predictions on what the future holds for the Islamic finance industry.

A recent report by Standard & Poor’s (S&P) paints a somewhat downbeat picture. Islamic finance is ‘at the crossroads’, S&P says, and is facing ‘stronger headwinds’ in 2016.

Major contributing factors are the unfavourable economic conditions in Malaysia and the GCC region, which are the industry’s two major hubs, declining oil revenues and low interest rates in the majority of the developed countries.

At the same time, there has been a major drive to standardise and further regulate the industry, which could help attract new players and offset the above weaknesses.

S&P estimates that assets of Islamic financial institutions are expected to reach $3 trillion in the next few years (from $2 trillion today). So the growth continues and with it the drive for technology and innovation.

The latest issue of our free Islamic Banking Technology Supplement features:

Case study: KHCB initiates digital and online banking revamp

Bahrain’s Khaleeji Commercial Bank (KHCB) is undergoing a transformation, as it aims to revamp its online and digital banking offerings to bring new services to customers. With the aid of cedar management consulting, the bank is hoping that its new services will improve user experience online, as well as keep it up-to-date with the changing digital face of banking.

Analysis: 4D approach to selecting the right Islamic banking system

While there are over 75 recognised core banking solution platforms across the world, it is a smaller subset of this number that qualify to provide end to end Islamic banking features. If one considers the selection of a core banking system as a science in itself, it would be only fair to say selecting an Islamic core banking platform is a shade more complex – both from the standpoint of defining the expectations clearly, and making the right choice of an application that best meets the requirement. How does one go about determining the best fit solution for the bank?

Click here to read the full Supplement

What is the IBSi FinTech Journal Supplement?

Each issue of our flagship monthly IBSi FinTech Journal includes a Supplement, dedicated to a specific area of banking technology. The Supplements are part of the IBSi FinTech Journal subscription.

IBSi FinTech Journal Supplements cover a wide range of subjects pertinent to the financial technology industry worldwide. They include detailed case studies, analysis, interviews and other feature articles.

Each publication features independently researched and compiled material, with no advertorial or contributed articles. All articles are written by IBS, and we believe that this dedication to quality is unique among publications in the banking/financial services technology space.

Click here to subscribe to IBSi FinTech Journal