Why Read This
The move to Islamic banking will challenge conventional bank IT, which means strong opportunities for tech vendors with expertise and experience in rolling out Islamic finance systems. In the face of a deep and long-lasting recession, conventional banks are making dramatic changes across their business, including entering new markets and targeting new or overlooked customer segments. One market that's capturing the attention of interest-based financial institutions is Islamic banking. Global banks such as HSBC, JPMorgan Chase, Royal Bank of Scotland, and UBS are already offering Islamic banking solutions in the Middle East and Asia, and increasingly in their home markets. With nearly 117 million Muslims living in just Europe and the US, even capturing a very small percentage of that market can have a profound revenue impact and provide opportunities for technology product and services vendors.