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Overview of Islamic Banking Technology Vendors

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10 July 2009
Prathima Rajan

Abstract

Islamic banking has become a major global industry, with a growth rate of 10% to 15% per year over the last decade, reaching US$700 billion to $750 billion in assets worldwide. Islamic banking is developed in the Middle East, on the rise in the Asia-Pacific region, and in an infancy stage in North Africa and Europe.

The Islamic banking market is growing rapidly, with great potential for entrants. Because Islamic banking practices and regulations differ by region and country, a solution’s flexibility and adaptability is key in choosing a provider. A new Celent report, Overview of Islamic Banking Technology Vendors, analyses various solution providers in the Islamic banking space.

"Growth of Islamic banking worldwide has demanded diversified technology that supports both traditional and Islamic banking on the same platform," says Prathima Rajan, Celent analyst and coauthor of the report. "Increasing competition from the vendors operating in this space has prompted expanded vendor solutions."

This report features Celent’s ABCD Vendor View. The ABCD Vendor View presents a comparative view of the vendor marketplace that visually represents four elements: Advanced technology and technical flexibility, Breadth of functionality, Customer base, and Depth of client services and solutions and provides in-depth knowledge about each solution provider. Nine Islamic banking solutions vendors are featured: Infosys, International Turnkey Systems (ITS), Misys, Nucleus Software, Oracle, Path Solutions, SunGard, Tata Consultancy Services (TCS), and Temenos.

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