Ambit Core Banking for Islamic Banking

Islamic banking has transformed into a global financial ecosystem that is experiencing tremendous growth. Islamic banking institutions must be able to offer a wide range of Sharia’h compliant products encompassing deposits, loans, trade and treasury services. In addition, conventional banks offering Islamic banking windows have the opportunity to expand into new markets by offering Islamic banking solutions that provide customers with an attractive alternative to conventional interest-based products.

Islamic Banks therefore need to provide a full range of Sharia’h compliant financial products, but they also need to be able to deploy these on a modern, scalable and customer-centric banking platform.  Not all core banking systems in use offer this combination of appropriate banking functionality coupled with scalability and efficiency.

SunGard can help. SunGard’s Ambit Core Banking for Islamic Banking supports a wide range of Islamic banking contracts. It is also built on a modern, robust and scalable platform which helps a bank to achieve customer intimacy and to realize greater operational efficiency.

Features

  • Supports all major Islamic banking contracts governing Islamic retail and corporate banking
  • Provides a product factory that enables the design of new products and services through a parameter-driven configuration
  • Supports key requirements of the Sharia’h rather than compliance based on a specific Islamic jurisprudence
  • Provides a core banking solution for Islamic banking that is in line with AAOIFI and IFSB regulations

Benefits

  • The wide range of product support for both retail and corporate banking enables a bank to centralize its operations on one core platform
  • Enables the organization to quickly launch competitive Sharia’h-compliant products and services while reducing IT dependency and cost
  • Allows rapid implementation in any start-up Islamic bank or branch while still retaining the ability to flex the product definitions to ensure alignment with the bank’s Sharia’h Supervisory Board
  • Helps the organization to comply with industry standards and regulations