IT Trends on Islamic Finance


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IT Trends on Islamic Finance

  1. 1. By Ahmed Buhazza IT Banker
  2. 2. ‫ً‬ ‫(( إن هللا حيب إذإ معل أحدُ مك معال أن يتقنه))‬ ‫ّ‬ ‫ّ‬‫(حصحه إللباين)‬
  3. 3. Banking Historical View
  4. 4. Three Dimension of ChangeTechnology Behavioral Business ModelChanges Changes Changes • Faster speeds and • Everyone has a • Fragmenting mobile voice channels • Content is eternal • New communities • Traditional media and sharable are forming is being absorbed • New tools make • Expect a and changed everyone customizable, • Loss of control • a content creator personalized with over brands • Media is modular high standard experience on their terms • Time shifting • Information is free…Information overload
  5. 5. 3 Critical Trends Shaping the future 25% of banking offerings
  6. 6. Islamic Finance Challenges• Limited Allocated Budget/IT Investment• Lack of single set of Islamic Banking Standards• Limited Core Solution Offerings • Strong Islamic module/customization in Conventional system • Mature Pure-play system• Lack of specialized competent talents• Fragile overall infrastructure
  7. 7. Technological future Competition“Religion-based banking, equity trading, mutual funds, financialservices and so forth (including Islamic banking, takaful insurance andthe Dharma Global Index) require new applications, products andheavy software customization, thus creating a role for religion domainexperts.“ Asheesh Raina, principal research analyst at Gartner
  8. 8. Islamic Finance Specialty FinancialTechnology Focus & Direction Technology Revolution
  9. 9. Sharia-compliant finance - Technological Strategic Focus for 2013
  10. 10. Core Banking ProductsKey Banking Modules• Front Office Operations• Customer Relationship Management• Financing & Collection Operations• Financial Accounting & Reporting• Trade Finance Operations• Investment Banking• Treasury Operations• Cash Flow Monitoring• Business Intelligence• Risk Management• Reporting• Delivery Channels & Mobile Banking• Systems Interfaces & Integration Solutions• System Administration & Support Applications.
  11. 11. [ as at 28 May 2012 ] [ as at 28 August 2011 ] [ as at 20 March 2011 ]Temenos** Temenos TemenosSilverlake Axis Oracle FSS Oracle FSSOracle FSS **(Oracle Financial Silverlake Axis InfosysServices Software)Misys** Misys Path SolutionsPath Solutions* Path Solutions ITS (International Turnkey Systems)Infosys** Infosys MisysTCS FS** ITS (International Turnkey TCS FS Systems)ITS *(International Turnkey TCS FS Silverlake AxisSystems)FIS *(Fidelity) FIS (Fidelity) FIS (Fidelity)BML Istisharat * BML Istisharat BML Istisharat Source:
  12. 12. 2012 Banking Technology Trends Focus1. Convergence of Mobile and Online Technologies2. The Rise of Business Process Management3. Goodbye Email, Hello Message Center4. The Tabletization of Banking and the User Experience5. Security increasingly is A Moving Target6. Integrating Toward a Brave, New Post-Channel World7. Pushing Self-Service Products to Generate Revenue8. Reaching the Next Level of Mobile Evolution
  13. 13. The Bankers Technology Awards 2012• Best Green IT Initiative by a Financial Institution• Best Industry Infrastructure Initiative• Best Internet Banking Services Provider• Best Payments System Initiative• Best Security Initiative• Best Trading Platform or Venue• Best Transaction/Wholesale Banking Initiative• Best Use of IT in Retail Banking• Best Use of IT in Investment Banking• Best Use of IT in Wholesale/Transaction Banking• Best Use of IT for the purposes of regulatory change• Best Use of Mobile Technology in Financial Services• CIO of the Year• IT Team of the Year• Outstanding Contribution by a Female in Financial Technology• Outstanding Individual Contribution to the Industry
  14. 14. Top 10 Ten Trends 2013 (Gartner) Trend 8: Trend 9: In Trend 1: Mobile Actionable Memory Device Battles Analytics Computing Trend 2: Mobile Trend 10: Trend 7: Strategic Applications and Integrated Big Data HTML5 Ecosystems Trend 6: Hybrid Trend 3: Personal IT and Cloud Cloud Computing Trend 4: Trend 5: Internet Enterprise App of Things Stores
  15. 15. Key Technology Drivers (Always on)Convergence of these forces: Entering an “Always on” era Everyone Anytime Leveraging human Access anytime we networks need it Social Mobile Always on Information Cloud Anywhere Anything Delivery Platform Any information that that allows people to matters come together anytime, anywhere
  16. 16. Clouding Banking
  17. 17. Mobile BankingMobile devices Connector using TCP Socket, HTTPs, etc Multiple mobile access method Mobile Banking Core Banking SMS Application System gateway / SMSCs Outsource / bank premises bank premises SMS 3G/GPRS/I nternet J2ME Other banks WAP Payment Aggregators Visa, Master,etc 3rd parties
  18. 18. IT Strategy Change Culture ofManagement Innovation PioneeredCompetent Budget Team “Always on”