Islamic Banking
Phenomenal growth of Islamic banking underpinned the need for greater technological innovation to become a significant force in global financial markets to have
- Differentiated customer services
- High Scalability
- Parameterized Solutions
- Competition Advantage
- Increased market share & customer base
- Sharia law compliance
But while taking new IT initiatives Banks & financial institutions face several challenges
- Shortage of experts in Islamic banking
- Absence of accounting (and auditing) standards pertinent to Islamic banks
- Lack of uniform standards of credit analysis
- Differences with central banks
- Differences within domestic banks, foreign banks, and Islamic banks
- Instruments that meet the demand of specific investment requirements
- The product development needs to be enhanced and moreover consistency is required in product structure
- Improvement of corporate governance and risk management practice
- Revision of usual tax regimes to meet the needs of Islamic products and create a level playing field with conventional products
How we help
- Domain Expertise in Islamic Banking
- 100% Functional coverage of documented functionalities in Software Testing
- Upto 90% off shoring
- Domain perspective to Test Automation
How you benefit
- Satisfied Business Users
- Happy End Customers
- Shorter schedules
- Lower Product life cycle costs
- Lowered transaction costs
- Avoiding Imputed costs of defects
- Lower repair costs
- Downtime costs
- Fewer maintenance staff
- Image, Brand Value
- Auditability
Competency in Testing Modules
- Mudarabah ( or deposits and investments)
- Murabahah (cost plus financing )
- Ijara ( or leasing )
- Musharaka ( or Equity participation )
- Istisna ( or Deferred Sale Financing )
- Other products like
- Sukuk ( or beneficial ownership )
- Money Market Murabaha (treasury )
- Wakalah
