SunGard today announced that First Dawood Islamic Bank Limited (FDIBL), a full-fledged Islamic bank licensed by the State Bank of Pakistan, has gone live with SunGard’s System Access SYMBOLS for Islamic Banking.
System Access SYMBOLS will help FDIBL provide a range of products and services that are in accordance with Islamic religious laws. System Access SYMBOLS will assist FDIBL's plans for rapid growth through the expansion of its branch network and business over the next three to five years.
As a start-up Islamic bank, FDIBL required a Shariah-compliant core banking solution to serve as the IT backbone of its business. It required a solution that would allow it to launch new innovative Islamic banking products quickly and easily. System Access SYMBOLS provides core banking and workflow in line with international best practices. It is customized to local banking requirements and supports all major Islamic banking products including Sukuk, Murabaha/Al-Bay'Bithaman, Istisna, Ijarah, Musyarakah, and Mudaraba.
"With phase one of the implementation of System Access SYMBOLS finished, we are ready to go live as the solution now fulfills all of our current requirements for an Islamic financial institution," said Nikolaus Schwarz, chief executive officer of FDIBL. "Further enhancements are currently under implementation and will be delivered before the end of the year to position FDIBL as one of the premier Islamic Banking institutions in Pakistan. Later, renowned Shariah scholars will certify the system for full Shariah compliance."
"First Dawood Islamic Bank's successful implementation of the System Access SYMBOLS core banking solution is a significant milestone for SunGard," said Leslie Loh, president of SunGard's System Access business unit. "FDIBL is our third customer in Pakistan and this successful implementation proves our ability to quickly deliver on our commitments to customers. It also proves our core banking solution's ability to support the stringent requirements of a fully-fledged Islamic bank."