The Islamic Bank of Britain, the country's first Islamic bank, has licensed Misys Retail Banking's Equation platform to support the start-up of its banking operations.
The bank, which received authorisation from the Financial Services Authority earlier this month, will provide financial services that conform with the Quran (Sharia'a compliant) which requires profits to be shared, bans investment in certain industries such as those related to alcohol and gambling, and prohibits interest and the handling of money as a commodity.
The vendor has been working with the bank since October 2003 to develop a system that would comply with Sharia'a law. Misys says its Equation system handles all financial transactions in accordance with Islamic law and will support the bank's multi-channel services.
Michael Hanlon, managing director of Islamic Bank of Britain, says: "The Misys system will enable our bank to be entirely customer-focused, ensuring efficiency and accuracy for our customers."
The bank's first branch is due to open in London next month, followed by branches in Birmingham and Leicester.