Bank Sarasin, which has been using the Avaloq banking system since 2004, went live with Avaloq’s new Islamic banking solution. It allows the bank to more efficiently manage the increasing amount of clients requesting Shari’ah compliant banking.

 

Avaloq developed the solution as a part of its Avaloq model bank – a preconfigured adaptation of the Avaloq banking system. The Islamic banking solution covers a wide range of Islamic finance products, such as murabahah ffinance, murabahah placement, diminishing musharakah, mudharabah, ijarah, of which two products were successfully implemented at Bank Sarasin. The solution has been optimized for usability and performance to increase the productivity of both the front and the back office of a bank. The product, which can be adapted by any bank in need of a Shari’ah compliant banking platform, can be further customized to cover explicit regional requirements.

 

The solution, which has been developed in Singapore and the Philippines, has been integrated into the Avaloq banking system and enables the bank to simplify processes of Shari’ah compliant products.

 

Francisco Fernandez, CEO at Avaloq, said: "Islamic banking is one of the fastest growing segments of the worldwide financial industry, extending across the Middle East, South East Asia, Africa and Europe. Our Islamic banking solution addresses that trend in an efficient and integrated way.”