i-flex Solutions announces successful deployments in the Middle East for Islamic Banking

i-flex Solutions Ltd on May 16, 2007 has announced the successful deployment of FLEXCUBE® for Islamic Banking across the Middle East. These developments underscore the Company's commitment to the global Islamic Banking industry.

- Dubai Islamic Bank, the world's first fully-fledged Islamic bank, is already live with FLEXCUBE in locations outside Dubai while the implementation of FLEXCUBE for its Dubai operations is underway

- Sakana Holistic Housing Solutions will use FLEXCUBE for Islamic property financing in Bahrain

- The Company's first customer for FLEXCUBE for Islamic Banking in the Middle East, Shamil Bank in Bahrain has already gone live using the product as has Tamweel that provides Islamic housing finance

- A large Islamic Bank under formation in United Arab Emirates has chosen FLEXCUBE as its core banking platform.

The Company also announced the appointment of Jamil bin Hassan, an Islamic Banking Technology Expert and Thought Leader, as Principal Consultant for the Islamic Banking practice at the Company.

Speaking on the growth of Islamic Banking and the opportunity for the Company, Joseph John, Executive Vice President for Universal Banking Products at the Company said, "Islamic Banking is the fastest growing asset class in the region with estimated US$ 750 billion of assets under management, recording a growth of 150% in 2006 alone. Along side, banks are keen to standardize their operations and provide a unified customer experience, achieve compliance and innovate. These challenges provide an opportunity to i-flex solutions with our cutting-edge product suite which has been developed specifically for Islamic Banking."

Source : Equity Bulls

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