g
Oracle FSS | Flexcube Retail/Corporate Mudarabah Deposits Consumer Murabaha Ijarah Financing
Support Services Expense Processing
Core Services Clearing
Payments Business
Bills and Collec@ons Modules
LeFers of Credit and Guarantees
Self Service Modules Qard
Treasury
Cross Border Funds Transfer
Local Payments Direct Debits Transfer Agency and Fund Accoun:ng Murabaha Money Market Foreign Exchange
Securi@es (Musharaka Investments and Sukuks)
Mudarabah Asset Management
Investor Services
Electronic Messaging System
Fixed Asset Management
Nostro Reconcilia@on
Cost Alloca@ons
General Ledger Management Informa@on and Systems
Limits and Collaterals Security and Access Control
functionality to cover Mudarabah profit-sharing, delivering a profit-sharing model between depositors and shareholders and Mudarabah profit calculation.
Consumer lending,
handling Wakala contracts, and a new module for vendor payment were also part of the Islamic roadmap. There was a marked down-turn in new name deals in 2007, with I-flex knocked off top spot in the IBS Sales League Table. Its cause was not helped by the fact that it declined to participate in the analysis, for the first time ever, but there was sufficient transparency in its quarterly financial statements to have confidence in a figure of around 20 for its new name sales (so a steep fall from 43 in 2006). With I-flex declining to comment, the reasons for this were left to speculation. Distraction due to the post-Oracle reorganisation was a
possibility, so too the loss of some or all of I-flex’s traditional cost benefits, and the challenges of taking on board such a large number of staff in the previous year or so without diluting the knowledge base. It could also be argued that while Temenos had gone through the painful transition from Globus to T24, a similar leap forward with Flexcube appeared overdue, with this latter aspect only addressed towards the end of the year. This came when
Repor@ng Systems Customer Informa@on
I-flex unveiled the latest release of Flexcube (R10), bringing embedded use of a number of Oracle components and a completely reworked front-end, which dispensed with the old Oracle Forms technology in favour of Java and XML. Using Oracle’s BPEL engine, Business Process Management (BPM) solution and Business Activity Monitor (BAM), the emphasis is on a ‘task-oriented’ user interface and process configuration within an SOA framework. Initial live sites were claimed by late 2008.
Also announced was the Flexcube Lending Suite which combined a number of I-flex’s lending offerings (including Daybreak) into an integrated platform using Oracle’s Fusion Middleware. For Daybreak, per se, Saudi Home Loans had been a taker within a Shari’ah environment. There followed the release of the aforementioned wealth management offering, with a first cut-over at India-based Kotak Mahindra Bank. This has subsequently been taken by Bank of London and Middle East as a front-end in an Islamic banking environment, to reside with Path Solutions’ iMal back-end. The supplier bounced back with a more healthy set of sales figures in 2008; by the end of the year, it had also gone public on the switch from I-flex to Oracle FSS.
Islamic Report
www.ibsintelligence.com 183
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