Indian fintech vendor i-flex has signed The Islamic Bank of Asia (IB Asia), a newly-launched subsidiary of Singapore's DBS Group, to its Flexcube core banking technology.
DBS Bank and leading investors from the Gulf Co-operation Council launched IB Asia in May 2007.
IB Asia will implement i-flex's Flexcube Islamic Banking package to automate transaction processing operations. The platform supports requirements for Shariah-compliant investments. Shariah law prohibits the collection or payment of interest.
"Our aim is to deliver to Islamic banking clients a unique proposition that brings together the best in banking expertise and cross-regional market access. We realise that technology is a key enabler in the process, providing us the right platform to manage growth and exceed customer expectations," says Vince Cook, CEO, IB Asia. "In Flexcube we found a solution that brings us a combination of functionality, flexibility and customer centricity along with i-flex's global experience in implementation."
I-flex says IB Asia is the latest in a number of banks to select its Islamic banking technology - Shamil Bank, Dubai Islamic Bank, Sakana Housing Finance and Asian Finance Bank Berhad in Malaysia have all licensed the technology.
Kishore Kapoor, CEO, i-flex solutions pte ltd, says the vendor "saw the Islamic wave early on and made a strategic investment in developing a truly global Islamic banking solution".