Islamic Banking

Overview

The Islamic Banking industry has developed hugely over the last 20 years, particularly in the Middle East and South East Asia, with analysts predicting still further international growth and an increasing share of the global financial market. Temenos has responded by creating a best-of-breed Islamic banking system.

Products for the Islamic Banking sector  

T24 for Islamic Banking

Designed for the Islamic banking sector, 'T24 for Islamic banking' is both Sharia-compliant and commercially flexible, enabling banks to offer a competitive range of Islamic financial products.

Our product supports banks which operate solely on Islamic principles, and it also allows conventional banks to employ Islamic financial techniques in their banking, for example by giving a profit-sharing framework as an alternative to interest rate mechanism. T24 for Islamic banking is well-suited to most Retail and Corporate banking operations as a readily available solution.

Clients using T24 for Islamic banking benefit from adopting one core system to cover all aspects of conventional and Islamic banking. This ensures that a bank can maintain a tight control over its operational costs and can remain focussed on serving its customers in the most appropriate and effective manner.

T24 for Islamic Banking functionality comprises:

• Murabaha
• Musharaka
• Bei Bithaman Ajil
• Ijara
• Bei Salam
• Istisnaa
• Wakala

Read more about T24