Islamic systems sales. This was an impressive spike in system sales as the previous year just one sale was registered in the country when Misys’ treasury and capital markets offering, OpicsPlus, had been selected by Bank Al Jazira. In 2010, 3i Infotech was the clear winner in Saudi Arabia with four deals for its Kastle Universal Lending system. The aforementioned Bank Al Jazira, plus Capitas International, Kirnaf Investment and Installment, and The Saudi Investment Bank opted for the Indian vendor’s offering. The latter taker was undergoing an enterprise-wide IT modernisation and was upgrading to Misys’ Bankfusion Equation core banking software (this is the version of Equation that now had elements of Bankfusion as a ‘wrapper’ to start to enhance the original functionality). The fifth deal win went to Nucleus Software, for its FinnOne Retail solution. Of other countries in the region, Bahrain yielded two deals in 2010 (one the year before): Qatari Islamic Bank signed for Temenos’ T24 and Capivest for ICBS from BML Istisharat. The latter customer, a mid- size player in the investment banking space, became the first taker of ICBS in the country. The expectation at the time was that similar deals were to follow, both for BML and other suppliers, as a lot of local investment financial institutions were running basic accounting packages. The UAE also brought two deals. The winners were arch rivals, Temenos and Oracle FSS. The Flexcube user was Mashreq Bank, for multiple sites. The year before, UAE brought the same number of wins, but both were on Path Solutions’ list. One of them was a start- up in Abu Dhabi, Noor Islamic Finance Co. Other countries in the region supplied single Islamic banking software wins: Sungard found a taker of its Avantgard Treasury system in Egypt, and Nucleus scored with its FinnOne retail solution in Qatar and Morocco. Qatar looked to be a market to watch as a surge in the demand for Shari’ah-compliant core banking systems was anticipated in light of the central bank’s initiative to close all Islamic windows by the end of 2011. The bank ruled that only fully-fledged Islamic banks would be able to carry out Shari’ah-compliant banking activity as of 2012. This was an interesting development considering that there were quite a few mixed banks in Qatar, both local ones (such as Qatar National Bank) and international (including HSBC and Standard Chartered). Whether these banks decided to set up separate banks or convert fully to Islamic banking, activity on the IT front was expected. Iran continued to be a country where domestic suppliers reign supreme, with few international suppliers making inroads. In
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2009, French vendor, SAB, sold its SAB2i core banking offering to Karsazan Ayandeh. This was the IBS Sales League Table’s sole Islamic banking deal in the country for that year. 2010 brought nothing in the Shari’ah-compliant finance segment for international vendors but was favourable to their domestic counterparts. Tosan picked up one client, City Bank, for its newly developed Java-based system, Banco. Two of the vendor’s existing clients, Mehr Gharz Al-Hassaneh Bank and Sarmaye Bank, opted to upgrade to Banco from Tosan’s older core solution, Negin. The vendor started eyeing international markets and, as mentioned, set up a subsidiary in Malaysia during 2011.
Some MENA states that have traditionally been active on the Islamic banking scene did not produce a single Islamic win in 2010. Kuwait and Lebanon fell into this category. The former, home of Path and ITS, had produced two deals in 2009: Liquidity Management House signed for Path’s iMAL while ABK (Al Ahli Bank of Kuwait) opted for Misys’ OpicsPlus. Path had also scooped the only two deals in 2009 in Lebanon (the home country of its rival, BML Istisharat), with a custodian and clearing centre, Midclear, and a fund manager, Al Mustathmer.
Outside the MENA region, the 2010 pickings were slim. In Asia, Oracle FSS clinched a Flexcube win in Brunei, and SAP gained a new Loans Management taker in Malaysia. The latter was the only recorded Islamic finance software win in 2010 in a country that is a prominent global Islamic finance hub. A year prior, the Malaysia figure had been four. Two of those were for Path: Bank Muamalat and Fee Bank. One was for Thomson Reuters’ K+TP trading system and one for the newly-developed Islamic version of Callataÿ & Wouters’ Thaler core system (Sabah Credit Corporation).
Maldives Islamic Bank, a start-up Islamic finance institution in the Maldives, was a 2010 win for Path. iMAL went live at the bank in late February 2011. The system covers the retail banking and trade finance activity of the bank and was the vendor’s first installation in the country.
In Africa, Banque Islamique, owned by Tamweel Africa (which itself is part of Islamic Corporation for the Development of the Private Sector, or ICD), set about rolling out Path’s iMAL across the West African states of Guinea, Mauritania, Nigeria and Senegal. Elsewhere, National Bank of Commerce in Uganda and Banco Unico in Mozambique signed for the Islamic version of Temenos’ T24. When we looked at the supplier performances for 2010, the most startling figure related to specialist Islamic banking software provider,
Islamic Report
www.ibsintelligence.com
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