Life as 3i Infotech
2005 brought the rebranding of the company from ICICI Infotech to 3i Infotech because, in the company’s words, it wished to ‘emphasise its ongoing commitment to its core values – Innovation, Insight and Integrity’. The acquisition towards the end of 2005 of Hyderabad- based SDG Software Technologies brought, among other things, an anti-money laundering application, BankAlert, subsequently rebranded as AMLock. In April 2006, 3i Infotech acquired the intellectual property rights to Newton. Under the terms of the deal, IMS would continue to sell Newton in Korea and Japan but 3i Infotech would sell it elsewhere. In the past, 3i Infotech had done a fair amount of development work on the system and this had been passed back to IMS. It was understood that this was to happen one more time with the current version, 3.5, after which the two companies intended to go their separate ways with the system. In fact, IMS as a whole went under; 3i Infotech retained the old system. In February 2007, 3i Infotech launched its Business Process Outsourcing (BPO) initiative to service the Middle East’s multi-billion dollar mutual funds industry. The unveiling was held at Bahrain’s Meftec 2007. The BPO offering includes services for shares, bonds and mutual funds; transaction processing services for managing fixed deposits, depository and securitisation; specialised process offerings covering front office (for example, investor relations centres), e-mail management, and funds management, transfer and support services, such as document imaging and workflow management; data transcription; reconciliation; accounting and MIS; print shop and document storage. On the lending side, Kastle Universal Lending was another Indian
On the technical side
As with the conventional versions, the Islamic banking versions of Kastle Treasury, Kastle Universal Lending and Kastle Core Banking run on an Oracle database. Unix is preferred for high volume requirements. The front-end is Websphere Application Server/ Oracle Application Server, with the software in Desktop, IE 5 or above. The vendor announced a batch of new and updated Islamic products at the Gitex 2007 exhibition and conference, held in Dubai.
66
acquisition of a small company and started out as an origination system. Loan management and collections support was added, with the pilot site for these being Bank Muamalat in Malaysia. It signed in 2005 and was due to go live in April 2006. This site apparently saw the addition of wider banking support. During 2005 and 2006, there were a number of wins for the system, still sold at this stage as Triton. These included Bank TuranAlem in Kazakhstan and, in April 2006, a Malaysia-based customer, Credit Guarantee Corporation (CGC). CGC was owned by the Malaysian government and was used by Malaysian banks to refinance their portfolio. CGC took Triton for the lifecycle management of these loans. July 2006 brought a win at Siam City Bank in Thailand for use across the bank’s 370 branches with the implementation taking place in three phases. In terms of its Islamic user base, apart from Bank Muamalat, the supplier later gained two further Islamic clients for the Kastle Universal Lending system. Both were for operations in Malaysia. Hong Leong Bank signed for the system in 2006. The bank uses the system for both conventional and Islamic banking. A more significant win was gained towards the end of 2006 with Al Rajhi Banking & Investment Corporation. Al Rajhi is Saudi Arabia’s largest bank, and also claimed to be the world’s largest Islamic bank. It took Kastle Lending (with a later update for Bai’ Bithaman Ajil and Murabaha) for its Malaysian operations, marking the bank’s first foray into international retail banking. The implementation began in 2007. 3i Infotech bought UK-based asset management solution provider, Rhyme Systems, in the latter part of 2006. The acquired company had been formed from a management buyout from Misys in late 2003. The deal gave 3i a foothold in the UK and also filled a gap in its product set. The plan was to sell the Rhyme software on an international basis with a particular focus on Asia Pacific.
This featured what it described as ‘a complete range of products’ including the Kastle Universal Lending and Kastle Treasury for Islamic banking, MFund for Islamic investments and portfolios, and Premia Takaful, for Islamic insurance. These products, said 3i, were not only Shari’ah-compliant, but could also be tailored for regional variations within Shari’ah guidance. Of its existing applications, Kastle Universal Lending continued to sell reasonably well, particularly in Asia. It was also relatively successful for the vendor in terms of Islamic banking gains. Kastle Core Banking has picked up a few conventional banking wins over the
Islamic Report
www.ibsintelligence.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94 |
Page 95 |
Page 96 |
Page 97 |
Page 98 |
Page 99 |
Page 100 |
Page 101 |
Page 102 |
Page 103 |
Page 104 |
Page 105 |
Page 106 |
Page 107 |
Page 108 |
Page 109 |
Page 110 |
Page 111 |
Page 112 |
Page 113 |
Page 114 |
Page 115 |
Page 116 |
Page 117 |
Page 118 |
Page 119 |
Page 120 |
Page 121 |
Page 122 |
Page 123 |
Page 124 |
Page 125 |
Page 126 |
Page 127 |
Page 128 |
Page 129 |
Page 130 |
Page 131 |
Page 132 |
Page 133 |
Page 134 |
Page 135 |
Page 136 |
Page 137 |
Page 138 |
Page 139 |
Page 140 |
Page 141 |
Page 142 |
Page 143 |
Page 144 |
Page 145 |
Page 146 |
Page 147 |
Page 148 |
Page 149 |
Page 150 |
Page 151 |
Page 152 |
Page 153 |
Page 154 |
Page 155 |
Page 156 |
Page 157 |
Page 158 |
Page 159 |
Page 160 |
Page 161 |
Page 162 |
Page 163 |
Page 164 |
Page 165 |
Page 166 |
Page 167 |
Page 168 |
Page 169 |
Page 170 |
Page 171 |
Page 172 |
Page 173 |
Page 174 |
Page 175 |
Page 176 |
Page 177 |
Page 178 |
Page 179 |
Page 180 |
Page 181 |
Page 182 |
Page 183 |
Page 184 |
Page 185 |
Page 186 |
Page 187 |
Page 188 |
Page 189 |
Page 190 |
Page 191 |
Page 192 |
Page 193 |
Page 194 |
Page 195 |
Page 196 |
Page 197 |
Page 198 |
Page 199 |
Page 200 |
Page 201 |
Page 202 |
Page 203 |
Page 204 |
Page 205 |
Page 206 |
Page 207 |
Page 208 |
Page 209 |
Page 210 |
Page 211 |
Page 212 |
Page 213 |
Page 214 |
Page 215 |
Page 216 |
Page 217 |
Page 218 |
Page 219 |
Page 220 |
Page 221 |
Page 222 |
Page 223 |
Page 224 |
Page 225 |
Page 226 |
Page 227 |
Page 228 |
Page 229 |
Page 230 |
Page 231 |
Page 232 |
Page 233 |
Page 234 |
Page 235 |
Page 236 |
Page 237 |
Page 238 |
Page 239 |
Page 240 |
Page 241 |
Page 242 |
Page 243 |
Page 244 |
Page 245 |
Page 246 |
Page 247 |
Page 248 |
Page 249 |
Page 250 |
Page 251 |
Page 252 |
Page 253 |
Page 254 |
Page 255 |
Page 256 |
Page 257 |
Page 258 |
Page 259 |
Page 260 |
Page 261 |
Page 262 |
Page 263 |
Page 264 |
Page 265 |
Page 266
