Connectif today announces the launch of its new, innovative Islamic finance platform, iWAVE, powered by Synergies Digital Platform, developed in partnership with Lyst.
iWAVE has been built to connect Islamic finance institutions to their counterparts through one central platform. Allowing master agreements to be negotiated, trades to be executed, and all post trade processes to be undertaken across the whole Islamic finance asset & liability product range.
iWAVE is built on the ground-breaking Synergies digital banking platform, and can be easily integrated into a bank’s existing infrastructure, or used stand-alone. The solution covers the complete value chain from front office to back office, whilst ensuring Sharia compliance.
The iWAVE functionality will be extended to support Islamic syndicated financing. Users will be able to source and participate in syndicated financing transactions either as arranger or syndicate member within the iWAVE platform. Future deployment of the iWAVE platform will also support the use of smart contracts and blockchain technology.
David Potter, Managing Director of Connectif said “We are very pleased to be releasing this product to the market, having had excellent feedback from industry participants during the development phase. We believe it will bring a host of benefits to the industry, from improved price discovery and transparency, hugely simplified operational processes and reduction of risk, along with the benefits gained by the use of new technologies, all the while ensuring Sharia compliance. We have chosen an excellent technology partner in Lyst and we have been impressed by both their speed of development and deep understanding of the marketplace.”
Naji Moukadam, Managing Director of Lyst commented “We are pleased to be working with Connectif on this ground-breaking solution. Our value proposition and digital platform is a great fit for Connectif’s requirements and we look forward to this successful relationship continuing over time. Our Synergies Digital Platform has been empowering and enabling the Islamic Fintech space while preserving the mandates required by financial institutions. Moreover, Synergies has been expanding during the last couple of years and is being recognized as the next generation Islamic financial technology solution.”