FinnOne Neo had more successes in 2015 when Nucleus had 8 new takers for its systems. All of these deals which are off-the -record were non Islamic deals and predominently in their core market of South East Asia and Middle East. One of these deals was with Magma Corp, a financial lender in India. There was one deal in Western Europe as well with Bob finance which is the European retailer Velore’s entry into the consumer lending space.
Nucleus Software signed 6 new clients for its FinnOne Neo platform in the year 2016 for a range of functionalities. These included 2 clients who took on board the mobile based solution based on FinnOne Neo. Another success was with Bank of Queensland which is an earlier client of Nucleus and it upgraded to the newer version of FinnOne Neo. May 2017 saw Nucleus announce onboarding of two
Functionality of FinnOne
Deposits (CASA & liquid deposits), lending (customer acquisition system & loan management system), leasing, collections (retail and corporate), finance against securities, general ledger, postdated cheque management, cash management (collections, payments & liquidity management), internet banking, lead management, customer service module, collateral management, central liability, SME, communications, power pay – business partner payout, forecaster – data mining tool, bank reconciliation, Islamic banking, wealth management, IPO funding.
Number of known Islamic sales for FinnOne: 9 Total number of known sales for FinnOne: 195 Islamic banking functionality supported
Murabaha (home and auto); Ijara (home and auto); Musharakah (home); Istisna (home); conversion from Istisna to Murabaha/Ijara (home); Tawaruq; Wakala; Hamish Jidiyah (security deposit); rent finance; services Ijara (education finance, marriage finance, etc.); Takaful.
new client in India of its FinnOne Neo solution. One was Manappuram Home Finance which deployed the solution on the cloud. Other customer was Essel Home Loans which also deployed the solution on the cloud. These deals represent the fourth and the fifth deployment of the cloud based solution in India for the vendor.
Later in the year Nucleus also won a deal to implement its system at TAB capital also based in India.
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Islamic Report
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