directly to CEO, Nadeem Syed - Bolin was executive chairman by this stage), said that the company’s small size limited its sales opportunities. At the time of the takeover, a deal was apparently about to close with a Bankfusion core banking system client in the African subcontinent, to become the first taker of the new, integrated version of Bankfusion Digital Channels. Another ten to 15 deals were said to be in the pipeline at different stages of execution. IND had around 40 clients at the time of the deal, clustered in Central and Eastern Europe, many running older, heavily customised versions of its software. Going forward, the focus would be on the standard, packaged version of the system.
Alior Sync, a direct banking entity in Poland that caters for tech-savvy 25 to 30-year-olds who are social media ‘natives’, was a showcase client for the newer IND suite. As is always the way with Misys, it isn’t a particularly
straightforward tale. There is a Shari’ah banking pedigree, via the Equation system, and there is support across other systems, including now Bankfusion. However, in contrast to a specialist such as Path, some regional suppliers or market leader, Temenos, sales with a Shari’ah slant have been relatively few in recent years across Misys’ product set, but then so too have new name deals, with our without this requirement.
Functionality of Equation/Bankfusion Equation
General ledger. Current accounts and savings accounts, passbooks, remittances, retail deposits, notice savings accounts. Direct debits, clean payments, withholding tax, cheque deposits, cheque book management, inward clearing. Loan origination, retail lending and collateral modules to support loans, including mortgages and personal loans. CRM. Retail branch support for cashiers, with signature and identity verification. Funds transfer, nostro and vostro accounts, reconciliations, statutory reporting. Partial support for private banking. Portfolio management. Credit risk management and profitability analysis. Debit cards and ATM/POS support via third party systems. Multi-currency, multi-branch, multi-lingual support. Full support for FX, MM, bonds, FRNs, gilts and repos, CDs, commercial paper, securities, FRAs, IRSs, commercial loans, deposits, funds transfer. Partial support for syndicated loans, precious metals, bullion, convertibles, warrants. Swift interface link.
Number of known Islamic users for Equation/Bankfusion Equation: 25 Total number of known Equation/Bankfusion Equation users: 219
Islamic banking functionality supported by Equation/Bankfusion Equa- tion
Islamic financing products (Murabaha, Ijara, Ijara Wa Iqtina, Ijara Mawsofa Bithima, Isistna, Tarawaq, Musawama and Qard Hassan), international commodity Murabaha, reverse Murabaha, Wakala, inventory control, purchase order processing (Islamic banking transactions), accounting standards (AAOIFI standards), Islamic investment (both PLS and such instruments as cheque, Amanah, Qard Hasan, demand deposit accounts), Islamic insurance (Ijara, Ijara Wa Iqtina), LC Murabaha, Salam, Musharakah, Musawama. Islamic profit calculation and distribution is also a built-in feature within Bankfusion Equation engine that caters for all Islamic profit calculation and distribution requirements allowing pools definition and sharing dynamic definition and calculation. All the above can be supported by collateral where appropriate. A variety of profit recognition policies can be supported in line with AAOIFI guidelines. Support is provided from origination, including the necessary workflow to complete transactions in a Shari’ah compliant manner. Where appropriate, full repayment control is available, including tracking of overdue payments and automatic balance sheet recategorisation.
Functionality of Midas/Bankfusion Midas
GL, FX, MM, commercial and syndicated loans, negotiable instruments, futures and options, FRAs, swaps, repos, equities, securities trading, bonds, precious metals, funds management, portfolio management, private banking. Payments, confirmation matching, nostro and vostro reconciliation. Support for DDAs, tellers, standing orders, savings accounts, retail deposits, loans, cheque processing, cheque book management, clearing, remittances, stopped cheques, direct debits, passbook, signature
168 Islamic Report
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