Dhofar’s new Islamic banking unit in the country, dubbed Maisarah Islamic Bank. The system was launched at the bank’s two Islamic branches in Dhofar and Muscat on3rd March 2013, after an eleven-month roll-out, and runs alongside Finacle, which had gone live for retail banking in 2010. Another taker for iMAL was the country’s first standalone Islamic bank, Bank Nizwa. The bank officially launched operations on 10th January 2013 with three branches. Bank Sohar followed a few months later after a ten-month project. In 2015, only 1 Universal banking contract was awarded and which was to Infosys.
Into 2013, Alizz Islamic Bank, a new Shari’ah-compliant
bank in Oman, signed with Oracle FSS for Flexcube. The bank, which is targeting retail, commercial and corporate customers, officially opened in the first week of October. While iMAL was among the systems rejected here, Bank Muscat, the largest bank in Oman, did select the Path Solutions offering during 2013foritsIslamic banking window, Meethaq. As these were the only two deals of 2013, it was an appreciably quieter year than the relatively hectic 2012. Bank Muscat was also busy in 2014, selecting Murex’s MX.3 for treasury.
Six commercial banks have 90 per cent of the assets and
there has been talk of consolidation. HSBC acquired Oman International Bank’s operations to form HSBC Oman during2013. The new Islamic sector is estimated to take six to eight per cent market share in the next three to five years.
Palestine
ICSFS dominates in Palestine. Its cooped all six wins recorded from 2007 to 2013, inclusive. In 2013, it added the Palestine operation of Jordan-based Bank Al Etihad, plus an off-the- record local bank.
Path Solutions has a Palestine site at Arab Islamic Bank,
which added the iMAL internet banking module in 2012. Infrastructure-wise, the Palestine Monetary Authority (PMA) has been implementing a range of platforms in the last few years, under the guidance of the Arab Monetary Fund and World Bank, including a payments system from South African vendor, Per ago, a member of Italy’s SIA Group.
The PMA was set up in 1994 and by the end of 2007 there
were eleven national banks (three Islamic), and eleven foreign banks, including HSBC. They had 162 branches between them. Palestine doesn’t have its own currency so uses the Israeli currency for daily exchanges, US dollars, Jordanian dollars and euros for savings and commercial exchanges. Bank of Palestine is the largest bank, followed by Arab Bank.
Temenos broke the ICSFS stranglehold with the only deal in
the country in 2014, the supplier’s first here. The National Bank, formerly a microfinance player and as of late a universal bank, is
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replacing the CABS system from Jordan- based Optimiza. Temenos is heading the implementation. The new system will cover all major operations at the bank, including accounting/GL, corporate, retail, microfinance, treasury, trade finance, private banking, wealth/investment management and securities, risk management, regulations and compliance (including FATCA), digital channels, audit and reporting. T24 will be interfaced to Swift, Reuters, Mastercard, ATM and clearing systems. Safa Bank also awarded a contract to Temenos in 2015.
Qatar
Most banks in Qatar offer Islamic banking but there are also four dedicated banks. There are twelve commercial banks, with a mix of domestic and foreign ownership. It has been a profitable, fast-growing market and is the third largest in the Gulf by banking assets.
In 2012, there were win for Temenos and for three Indian
vendors, TCS (at Qatar National Bank), Nucleus and Polaris (also Qatar National Bank). TCS’s win was at the bank’s financial services brokerage arm that opened its doors a year earlier, as the first independently regulated, licensed brokerage unit launched by a bank in Qatar. TCS’s Bancs was taken to underpin a multi-market, multi-currency, GCC-wide trading platform, and also to support buying and selling securities on the US and European markets. Polaris supplied its Intellect system for Qatar National Bank’s global cash management/corporate banking operations, including internet banking. TCS was able to win 1 more account in 2015.
Path Solutions has had deals in Qatar in the past but nothing
since 2008. Infosys had one core banking deal, in2007, at Bank Sohar, but also nothing since. There has been a small number of treasury system deals, although not recently.
In many ways the deal that stands out most prominently in
Qatar was SAP’s first – and to date, perhaps not surprisingly, only – deal for its core banking system in the region. It came in 2007 from a small start-up, Al Khaliji Bank, there were a number of other applications chosen as well, and it went horribly off the rails. The rest of the selection shave been spread across a relatively wide number of vendors but there were no signings in 2013 and a solitary Polaris lending win in 2014. Al Khaliji Bank, by virtue of signing for Temenos in 2012, looked as though it was having another attempt. Additionally in 2015, 3 deals of deals were awarded to Misys, Profile and Miles Software respectively. In 2016, two off the record deals were signed, one a private banking deal awarded to Profile Software’s IMS plus and the other a core banking deal to International Turnkey System’s Ethix.
Market Dynamics Report 2017 |
www.ibsintelligence.com
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