Infosys unveils Islamic banking solution

Mumbai: Software solutions major Infosys Technologies on Friday unveiled of its Islamic Banking Solution (IBS) for European, West Asian and Far Eastern markets.

The company informed the Bombay Stock Exchange that the IBS software solution was a part of its global launch of version 10 of the Finacle Universal Banking Solution (FUBS).

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Islamic banking is a system of financial services that meet the requirements of Islamic law as laid down in the Shariah, which prohibits collection and payment of interest.

FUBS would now also offer accounting standards recommended by Audit and Accounting Organisation for Islamic financial institutions, the company said.

The software is capable of managing different Islamic concepts including 'Mudarabah', 'Murabaha', 'Ijarah', 'Istisna' and 'Tawarruq' into its solutions.
Source: IANS