SunGard extends Ambit system for Islamic banking

Source: SunGard

The Islamic banking industry is growing at a considerable pace. To keep up with the growth, SunGard has extended its Ambit banking solution suite to include Islamic banking capabilities for retail and commercial banks.

SunGard's Ambit Islamic Banking solution offers banks a Shariah-compliant solution for core banking, customer service management, card management, treasury management and risk and compliance.

Today, Islamic financial institutions operate in more than 70 countries. Some industry experts predict that total Islamic banking assets could grow by 15% over the next three years. This growth is generating a significant increase in demand for Islamic banking systems. Islamic banks are looking for flexible and scalable systems that allow them to quickly design Shariah-compliant products and services that can compete effectively against conventional banking products.

SunGard's Ambit Islamic Banking solution provides a parameterized core system that supports Mudarabah, Musharaka, Ijarah, Murabaha, Salam, Istisna and Bai Inah contracts for deposits, loans, leasing, cards and treasury products such as Sukuk bonds. Ambit Islamic Banking helps banks to design and customize products that cater to the requirements of different Islamic jurisprudences. It also helps to manage the specific risk requirements associated with Islamic banking including commodities and inventory risk, legal and Shariah compliance risk, equity position risk, mark-up risk and transfer risk.

For conventional banks operating an Islamic banking window, Ambit Islamic Banking helps execute banking transactions in accordance with Shariah as well as international standards. It also helps conventional banks perform traditional and Islamic banking operations independently within the same technology framework.

Ken Dummitt, president of SunGard's banks & corporations business, commented "We understand that Islamic Banking provides a growth opportunity for many of our customers and that working with a single vendor across their core systems can help to increase efficiencies and improve time-to-market. Based on Ambit's best-of-breed solution suite, Ambit Islamic Banking provides a Shariah-compliant solution coveovering retail and commercial banking operations for both pure Islamic banks and conventional banks operating an Islamic banking window."

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