Monday, September 9, 2013

TMR: Amanie launches ALIF banking system

By Kazi Mahmood

Amanie Nexus Sdn Bhd, a division of Malaysia-based company Amanie Holdings, is targeting a niche to supply Shariah-compliant IT solutions for banks with the launch of its new adaptable core-banking software system.

Amanie Nexus CEO Razi Pahlavi said it has taken a head start in exploring the Middle East market with the launch by Amanie Global Technology of a customisable Islamic core banking system, called ALIF, in Libya last week.

He said the system, which is also suitable for conventional banking use, has added a new product to Amanie’s core business of providing Shariah advisory services.

“We see strong interest in our new ALIF system across North Africa, as Islamic banking is emerging in nearly all markets and there is great appeal in an “all-in-one” Islamic core banking solution,” Razi said.

“We have partnered with an Indian based software company that has built a crossplatform information technology (IT) solution for the banking sector and we have launched the new package in Libya.”

The new system is a global innovation in the area of core-banking systems for Islamic Financial institutions and can be adaptable to most existing systems as well as serve as a stand-alone solution for new banks offering Islamic Banking products, Razi said prior to the launch in an exclusive interview with The Malaysian Reserve.

The system will integrate with existing core banking systems as the system understands the language of the old core framework, which gives ALIF is a better allure with a bigger return on investment, thus reducing cost of investments for the banks, Razi said.

Razi said the ALIF solution is also easy to adopt because it does not require banks to overhaul existing systems.

The solution addresses the business and service functionalities in a single and modular system, and will integrate its Islamic risk management module under global Shariah standards within the existing core system, Razi added.

“It is not just a core banking solution, it empowers the core banking system to cover Islamic finance vertically through a completely integrated solution,” he said.

Razi said the bank in Libya for example, does not have to invest in an entire new core banking system but will rather use the modular components that it needs to carry out its Islamic banking operations.

The solution is also in the process of being certified as Shariah-compliant by reputable global Shariah advisors, the company said.

“The standalone will easily integrate with the hub. But the most crucial is that it will include international Shariah practice standards and will include our intellectual property in the system,” Razi said. To realise its objectives, the Amanie group has joined forces with Kerala-based Pace Synergy, which is a software house in India consisting of experienced specialists.

Both companies will act as new entrants in the Islamic banking and finance software provision market. The market has seen, in the recent years, the entrance of a few core banking solutions made for Islamic banks and banks with Islamic window.

The top five core banking software systems are Fidelity Information Service, TEMENOS, Oracle Financial Services Software, Fiserv and Infosys Technologies. Amanie Nexus also offers Shar iah- compliant stock screening, which is an online flexible stock screening system vetted by transparent methodologies.

Amanie is an independent Shariah global financial advisory firm, founded in Malaysia by Dr Mohd Daud Bakar, a globally renowned Shariah scholar. It has offices in eight major cities across the globe and comprises of a team of over 20 global professionals.