Infosys
develops Islamic Banking Solution
New Delhi: Infosys is targeting the affluent Islamic
Banking community, with its Islamic banking tool and already
bagged a customer - Arab National Bank.
The
company said it is developing full-fledged banking solution
for them (that is) expected to be operational by the end
of this year. The company is in talks with several Tier-I
and II banks in Middle-East and South East Asia region
and is hoping to bag few more orders soon.
The
market size of Islamic Banking solution is over 300 billion
dollars.
Infosys
offucials said Islamic banking as a practice is quite
different from conventional banking practise. There are
fundamental differences in Islamic banking products and
conventional banking products.
These
include differences in accounting, income recognition,
provisioning norms. The other key difference is that in
Islamic banking, every product has to work on a profit
sharing basis as charging of Interest is prohibited. This
makes the whole Islamic banking compliance activity more
complex and difficult to understand as compared to a common
banking practice.
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Unions
oppose SBI stake transfer to govt
Kolkata: The officer and staff unions of the State
Bank of India (SBI), are planning to oppose the government's
decision to acquire the Reserve Bank of India's 59.73
per cent stake in the bank and will be sending a joint
letter to the government next week, outlining their reservations
over the stake transfer and threatening an indefinite
strike if their plea is ignored.
The
government is to acquire Reserve Bank's stake in June
2007 in a cash-less transaction, as part of a move to
separate the central bank's ownership and regulatory functions.
SBI
has around 60,000 officials and 1.5 lakh clerical staff
on its rolls. General Secretary G D Nadaf described the
stake transfer as the government's "sinister"
design to amend the SBI Act and subsequently dilute its
stake in the bank.
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