Company Overview
GENERAL INFO
HQ: Mumbai, India Ownership: Public Founded: 1993 # Islamic Sites: 15 # Staff: 9,200
Key Clients: Al Rajhi Bank, Hong Leong Bank, Saudi Fransi Leasing, Saudi Investment Bank
Key Highlights
• Started as ICICI Infotech, a subsidiary of India-based ICICI group
• Rebranded from ICICI Infotech to 3i Infotech in 2005 Product Overview
• Range of products: Kastle Universal Lending, Kastle ALM, Kastle Core Banking, Kastle Treasuryand Kastle Factoing
• Compliance: Supports most of Islamic products
• Key functionalities: Deposits, customer information, retail and corporate lending, collateral management, integrated mortgage portal, FX positions, OTC derivatives, investments in islamic instruments, Islamic framework of Rate of return
• Niche player; focus on few clients
• Underwent a restructuring and rebranding, on path to profitability
• Majority of the customers are in Central & South East Asia (Kastle Treasury) and Asia Pacific & Africa (Kastle Lending)
3i Infotech Early days: ICICI Infotech
KASTLE CORE BANKING, KASTLE TREASURY, KASTLE ASSET LIABILITY MANAGE- MENT, KASTLE UNIVERSAL LENDING
3i Infotech started life as ICICI Infotech, a subsidiary of India-based ICICI Group. It has a range of systems including a front-to-back office retail and corporate lending offering, Kastle Universal Lending (formerly Triton), and a treasury solution, Kastle Treasury. It also has a factoring system, Kastle Factoring (formerly Tangible), an asset liability management system, Kastle ALM (formerly Pinnacle), and a core banking system, Kastle Core Banking, that originated within a Korean supplier, IMS.
In terms of Islamic banking, the supplier has a growing presence in this market. Kastle Universal Lending, Kastle Treasury, and Kastle ALM are all Shari’ah-compliant, as well as the Kastle Islamic Risk Management system. The systems support a wide range of Islamic banking products. It also sells C-Matis, a wealth management/ portfolio management solution that has recently shown signs of gaining momentum in the market, particularly in the Middle East. Kastle Treasury was developed by Mumbai-based Ajax Software
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Systems. This was set up with venture capital in the first half of the 1990s. The founders of Ajax had another company before this called Leading Edge. The two companies built a range of financial applications over the years. The development of Kastle commenced in 1998, as a generic project. From the outset it was intended as a broad wholesale banking back office solution, with decision support, modelling and risk management in the front and middle office. The first taker, signed at the end of 1999, was Centurion Bank. It went live in October 2000, with Kastle residing alongside Misys’ Equation and interfaced to Reuters’ Kondor+ and SwiftAlliance. This was to support a 24-person dealing room. Typical of many Indian banks, the user was heavily into fixed income; it also used the system to support equities. Kastle was written in Powerbuilder, with some parts in C and Java. It supports Oracle and Sybase. It looks reasonably broad: it supported the FX, MM and corporate debt operations of Centurion. It does not include its own general ledger. Ajax was keen to take the system outside of India, while ICICI Infotech was keen to add applications to what was essentially a services-based company. As a result, Ajax was acquired in early 2001
Islamic Report
www.ibsintelligence.com
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