g
at Turk Ticaret Bank in Turkey, having Islamic functionality. Oracle FSS similarly had one deal in the year with an Islamic need, coming at Alizz Islamic Bank in Oman. Misys drew a blank across all of its disparate banking and treasury systems. ITS had success in Saudi Arabia at Alawaal Financial Services for Ethix. And ICSFS picked up Omdurman National Bank in Sudan. Clearly, the market for core systems as a whole remained depressed in 2013 and, while pretty much on a par with the previous few years, the Shari’ah banking part of the sector was still below the pre-crisis levels, particularly in the traditional Middle East markets but also with fewer pickings in Malaysia and surrounding countries than in recent years and with the take-up also not helped by continued political turmoil in a number of countries.
2014 - 2015
There has been a significant increase in the Islamic deals in 2015. From a total of 13 sales in 2014, the number of Islamic deals went up to 19 last year. And more importantly, only 68% of these deals were Universal banking, while the balance is equally distributed between wholesale, retail and private banking sales. While the Middle East, including Egypt, contributed to a third of the Islamic Deals, African market contributed to 37% of the Islamic sales. Europe had a single deal with Aman Bank AB while the rest was in Asia.
The last two years have been seen fairly more global activities in the market. The deals in 2014 were more universal banking (85%) in nature, while there was also activities in the retail and private banking space. In comparison, the number of wholesale banking, retail banking and private banking deals significantly jumped in 2015, with only 68% of the deals being universal banking. However, there has been a significant increase in the Islamic deals in 2015. From a total of 13 sales in 2014, the number of Islamic deals went up to 20 in 2015.
The deals have also come in different sizes and of multiple types, with the number of players who contributed to the Islamic sales increasing during the course of 2015. While the Middle East, including Egypt, contributed to a third of the Islamic Deals, African market contributed to 37% of the Islamic sales. There are deals that are increasingly observed in the Iraq market, with Bank Al Janoub signing up with a UK based solution, while there have also been Islamic deals in the Middle East being signed in Qatar, KSA, UAE and Palestine. Importantly, not all of them have been for universal banking. Miles Software, for instance, the new entrant to the Sales League Table, has reported 2 Islamic deals, one of them being with the investment management firm Saudi Hollandi Capital, for its Moneyware solution. The African market has also seen a fair bit of Islamic banking deals across Kenya, Egypt, Tunisia, Sudan, Morocco, Libya and Gambia. While Path Solutions reported its first Islamic client in Tunisia (https://
ibsintelligence.com/ibs-journal/ibs-news/path-solutions-gains- first-imal-client-in-tunisia-with-wifack-international-bank/), French vendor Sopra has signed a deal in Libya for its Amplitude solution. Path had also taken its system live at the Arab Leasing company in Sudan (
https://ibsintelligence.com/ibs-journal/ibs-news/the- arab-leasing-co-goes-live-with-platform-from-path-solutions/). Path has had success also in Pakistan and Lebanon with one deal in each of those countries. Interestingly, Oracle has had a good success this year with its Islamic deals across Pakistan, Bangladesh and Africa, while Temenos has also had its share in the African market, and with a development bank in the Middle East. It has also won a deal in Palestine, with Safa Bank, the new bank that was founded locally.
The other Islamic deals of the year have been fairly spread globally, including in Indonesia, Sweden and South Korea reflecting the increasing global appeal that Islamic banking is finding itself with, and also a lead indicator to what is likely to come in the forthcoming years.
Islamic Report
www.ibsintelligence.com
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