New Delhi - Indian software giant Infosys Technologies announced Friday that it had launched an Islamic banking solution for markets in Europe, West Asia and the Far East. The new software was part of the global launch of version 10 of its Finacle Universal Banking Solution (FUBS), the company said in a notice to the Bombay Stock Exchange.
The solution is geared to meet the requirements of Islamic law according to the Sharia, which prohibits collection and payment of interest.
"The solution promises banks in the region a flexible and varied feature repertoire to design and deploy products for varying market segments, based on different Islamic concepts including Mudarabah, Ijarah, Istisna and Tawarruq," the company said.
FUBS follows accounting standards recommended by Audit and Accounting Organization for Islamic financial institutions, the Infosys notice said.
The Islamic banking service is structured to be offered as an add-on product in a branch or as an independent unit, it said.
Islamic banking is spreading beyond traditional markets such as Middle East, Indonesia, Malaysia and is on the rise in Britain and Singapore, the company said.
