IT Solutions for Islamic Finance - By Ahmed Abu Hazza - iCompetences IFC2012

7/29/2019 IT Solutions for Islamic Finance - By Ahmed Abu Hazza - iCompetences IFC2012

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By Ahmed Buhazza

IT Banker



Banking Historical View



Three Dimension of Change

TechnologyChanges

ͻ Faster speeds and

mobileͻ Content is eternal

and sharable

ͻ New tools makeeveryone

ͻ a content creator

ͻ Media is modular

BehavioralChanges

ͻ Everyone has a

voiceͻ New communities

are forming

ͻ Expect acustomizable,personalized withhigh standard

experience ontheir terms

ͻ Time shifting

ͻ Information isĨƌĞĞ/ŶĨŽƌŵĂƚŝŽŶ

overload

Business ModelChanges

ͻ Fragmenting

channelsͻ Traditional media

is being absorbedand changed

ͻ Loss of controlover brands



3 Critical Trends Shaping the future

25% of banking

offerings



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



Technological future Competition

m5HOLJLRQ -based banking, equity trading, mutual funds, financial

services and so forth (including Islamic banking, takaful insurance and the Dharma Global Index) require new applications, products and heavy software customization, thus creating a role for religion domain experts m Asheesh Raina, principal research analyst at Gartner



TechnologyRevolution

FinancialTechnologyFocus &

Direction

Islamic

FinanceSpecialty



Sharia-compliant finance - Technological

Strategic Focus for 2013



Core Banking Products

Key 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.



[ as at 28 May 2012 ] [ as at 28 August 2011 ] [ as at 20 March 2011 ]

Temenos** Temenos Temenos

Silverlake Axis Oracle FSS Oracle FSS

Oracle FSS **(Oracle FinancialServices Software)

Silverlake Axis Infosys

Misys** Misys Path Solutions

Path Solutions* Path Solutions ITS (International Turnkey

Systems)

Infosys** Infosys Misys

TCS FS** ITS (International TurnkeySystems)

TCS FS

ITS *(International Turnkey

Systems)

TCS FS Silverlake Axis

FIS *(Fidelity) FIS (Fidelity) FIS (Fidelity)

BML Istisharat * BML Istisharat BML Istisharat

Source: inntron.com



2012 Banking Technology Trends Focus

1. Convergence of Mobile and Online Technologies

2. The Rise of Business Process Management

3. Goodbye Email, Hello Message Center

4. The 'Tabletization' of Banking and the User Experience

5. Security increasingly is A Moving Target

6. Integrating Toward a Brave, New Post-Channel World

7. Pushing Self-Service Products to Generate Revenue

8. Reaching the Next Level of Mobile Evolution



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



Top 10 Ten Trends 2013 (Gartner)

Trend 1: MobileDevice Battles

Trend 2: MobileApplications andHTML5

Trend 3: PersonalCloud

Trend 4:Enterprise App

Stores

Trend 5: Internet

of Things

Trend 6: Hybrid

IT and CloudComputing

Trend 7: StrategicBig Data

Trend 8:ActionableAnalytics

Trend 9: InMemory

Computing

Trend 10:IntegratedEcosystems



Anything

Any information that

matters

Everyone

Leveraging human

networks

Anywhere

Delivery Platform

that allows people to

come together

anytime, anywhere

Anytime

Access anytime we

need it

Convergence of these forces: Entering an ůǁĂǇƐŽŶ

era

Mobile

Cloud Information

Social

Always on

Key Technology Drivers (Always on)



Clouding Banking



Mobile Banking

J2ME

SMS

WAP

Mobile devices

SMS

gateway /

SMSCs

3G/GPRS/I

nternet

Mobile Banking

Application

Core Banking

System

Outsource / bank premises bank premises

Multiple mobile

access method

Connector using TCP

Socket, HTTPs, etc

Payment

Aggregators

Other banks

Visa, Master,etc

3

rd

parties



Pioneered

IT Strategy

Culture of Innovation

Budget

ůǁĂǇƐŽŶ

Competent

Team

ChangeManagement

IT Solutions for Islamic Finance - By Ahmed Abu Hazza - iCompetences IFC2012

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