Global asset finance software leader, Cassiopae, has announced that its V4 software now supports Islamic Finance, a key requirement for finance companies doing business in Islamic countries. Cassiopae MEA Managing Director, Jemil Ben Romdhane, will be speaking on the topic of Islamic Finance at the upcoming “Forum Africain de la Finance Islamique” on April 19th in Tunis.
The range of Islamic Finance products and services is growing. Islamic Finance has expanded from the Muslim world to international financial markets with rising crude oil prices and petrodollar holdings. A number of Islamic retail banks and banking units have also opened recently throughout the Middle East and Asia Pacific regions.
“The Islamic Financial Services industry is growing rapidly and we see that continuing. Many non-Islamic banks are now looking to provide Islamic financial services as well,” said Jemil Ben Romdhane, Managing Director for Cassiopae MEA.
“Cassiopae software is a good fit for Islamic Finance due to its robust core banking features and configurability for local requirements. We have setup the solution easily for two North African leasing leaders for both products, IJARA and ISTISNA’A, offering features like documents printing in Arabic, data input and user interfaces in Arabic,” he added.
Mr. Ben Romdhane will be a featured speaker at the “Forum Africain de la Finance Islamique” on April 19 in Tunis. The Forum will explore the operating principles, regulatory bodies, products, investors, and risks involved in the industry. For more information on the Forum, visit http://www.forumafricainfinanceislamique.com.
Cassiopae V4 addresses several of the factors that challenge international acceptance of Islamic Finance including standardization, supervisory oversight, compliance, risk management and varying local requirements. Designed from the start to manage multiple product types, Cassiopae can manage both Islamic and conventional financial products with one system. Other Cassiopae features important for Islamic Finance include:
- Multi lingual, multi-country, multi-currency, multi-portfolio
- Multi-calendar, Hijri calendar
- Multi-GAAP including IFRS
- Local tax, measurement units, automated payment management
- Configurable workflow tailored to local needs
- Documents print in Arabic
Cassiopae global finance and asset management solutions support hundreds of billions of Euros and millions of assets in live lease and loan portfolios for more than 90 customer sites in 30 countries. A multi-lingual, multi-currency solution, Cassiopae’s lending, leasing, and asset management software offers a configurable web-based user interface and leverages industry-standard technology including Web 2.0 Rich Internet Application technology, Oracle® DB, Unix®, Linux®, and Windows® environments. For more information, visit http://www.cassiopae.com.