Misys Launches Platform with Islamic Banking Capabilities

FusionBanking Essence Islamic includes pre-configured Shari'ah compliant products.

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Misys is targeting the Islamic banking sector, which it says is "ripe for disruption".

Banking vendors Misys is seeking to capitalize on the growth of the Islamic banking sector by launching FusionBanking Essence Islamic, a specialized platform tailored to Islamic banking requirements.

According to Misys, the platform has been developed to meet demand for Shari'ah-compliant banking tools in a market where Islamic banks average 12.6 percent return on equity compared to a 15 percent average across the rest of the industry.

The FusionBanking Essence Islamic platform includes pre-configured products, such as Murabaha and Finance Ijara instruments. A survey conducted by consultancy PwC in October 2014 found that 52 percent of Islamic banking consumers believe theirs is a true Islamic bank following Shari'ah laws.

"Islamic banking is ripe for disruption," says Mahmoud Talaat, product manager, FusionBanking Essence Islamic at Misys. "It is a growing segment, with customers looking for proven Shari'ah-compliant banking services with service levels on a par with, or exceeding conventional banking. We have developed this new solution so that ambitious Islamic banks can modernize and transform their operations, so they can acquire new customers and increase their share of the wallet."

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