found by the bank to be the most comprehensive and flexible solution in the space. Flexcube is deployed at the bank but the data centre is hosted by a specialist, Oman Data Park. Also outsourced is a credit card management system, to Arab Financial Services, and part of the Flexcube implementation was also outsourced, with testing functions carried out by Maveric Systems. Installed alongside Flexcube are various systems from NCR including an ATM solution, IVR and Agent Desktop solutions, and debit card and chequebook issuance. There is also an Islamic credit card solution. The bank’s IT infrastructure is connected to Swift as well as the local RTGS, ACH and electronic cheque clearing system. The bank, which is targeting retail, commercial and corporate customers, officially opened in the first week of October 2013. Alizz Islamic was the only deal with a Sharia’ah requirement
out of the 15 new name wins from Oracle FSS in 2013. Other deals included Spitamen Capital in Tajikistan, NRB Bank in Bangladesh, Kredit Microfinance Institution in Cambodia, and Volksbank in Romania (where Flexcube was taken to cover all main operations at the bank including retail, corporate and
risk, front-to-back office and to be rolled out across its domestic network of 135 branches). The largest deal for the vendor in 2013 was with South Africa-based Nedbank. Nedbank had tied up with large pan-African player, Ecobank, to align their branch networks across the continent. The Nedbank contract for Flexcube covered Lesotho, Malawi, Swaziland, Namibia and Zimbabwe, where Flexcube would replace Temenos’ T24. Bank Mandiri Cayman Islands and Bank Audi, for Egypt and Iraq, followed in early 2014. In November 2016, Oracle announced that it had signed an agreement to acquire Dyn, a leading DNS provider that monitors,
controls and optimizes cloud based Internet
performance. The acquisition will extend Oracle’s cloud computing platform and provide enterprise customers with a one stop shop for Infrastructure-as-a-Service (IaaS) and Platform-as-a-Service (PaaS). In 2017, Oracle FSS won deals in Nigeria and New Zealand to implement it solutions however as expected nonoe of them were islamic implementation.
Product Details
Flexcube for Islamic banking caters to pure play Islamic banks, Islamic banking subsidiaries, and windows. The system is fully compliant with Sharia laws and regulatory requirements such as Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Flexcube for Islamic Banking provides a modular, service- based architecture, allowing banks to choose only those modules that suit their needs. As per need, they can add new modules without disturbing existing ones. It also offers a consolidated view of customer relationships, risk management, profitability tracking, and accounting. Flexcube supports regional and country requirements with cluster packs, where regulatory, language, time zone and currency related functionalities are pre-configured into the core banking application for a particular region or country in the form of a Cluster pack. Cluster Packs enable application rollout without changes to the core application. Oracle has released region specific clusters and country specific localized applications for the LATAM market, country
186
specific releases for the USA, Japan, Australia, India and China. The company has also invested in geography specific changes to banking regulations such as SEPA, PSD2, GDPR, IFRS, and FATCA etc. Apart from this, Oracle recently announced its Open Banking initiative, which includes a large set of PaaS capabilities as well as an open API framework enabling banks and FinTechs to collaborate on a common cloud platform. Initial participants include both financial powerhouses like Barclays and FinTechs like Biz2Credit, IPsoft and the TAS Group. The company partners with several firms for implementation services. Key implementation partners include Accenture, Capgemini, IBM, Deloitte, Fujitsu, HP Enterprise etc.
Islamic Report
www.ibsintelligence.com
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