Global Islamic Banking Software Market 2017-2021
About Islamic Banking Software
Islamic banking software refers to the banking software that functions according to the Shariah norms for managing and monitoring banking operations. To calculate the market size, we have considered the revenue generated from the sales of Islamic banking software offered by the vendors. Integrated solutions are not included in the software suites. Reseller revenues are also not considered as part of the market revenue. The report includes software sales for retail banking, corporate banking, capital markets, dealing, brokerage, and investment banking.
Technavio’s analysts forecast the global islamic banking software market to grow at a CAGR of 12.6% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global islamic banking software market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Islamic Banking Software Market 2017-2021
Technavio recognizes the following companies as the key players in the global islamic banking software market: ITS, Oracle, Path Solutions, and Temenos.
Other Prominent Vendors in the market are: AutoSoft Dynamics, BML Istisharat, EdgeVerve (an Infosys company), ICS Financial Systems, INFOPRO, Infrasoft Technologies, Intertech, Millennium Information Solution, Misys, Nucleus Software Exports, SAB, Silverlake Axis, Sopra Banking Software, Tata Consultancy Services, and VIRMATI SOFTWARE & TELECOMMUNICATIONS.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is adoption of blockchain technology. Blockchain technology is enabled using digital transformation. The digital transformation of the industry verticals such as BFSI and manufacturing sector is driving the blockchain technology market.”
According to the report, one driver in the market is increasing Sukuk issuance. Sukuk commonly refers to the Islamic equivalent of bonds. However, as opposed to conventional bonds, which merely confer ownership of the debt, Sukuk grants the investor a share of an asset along with the commensurate cash flows and risks. Sukuk securities adhere to Islamic laws, sometimes referred to as Shariah principles, which prohibit the charging or payment of interest. The Sukuk growth rate is currently 10%-15% in the global financial markets. With the increasing number of Sukuk issuance, it is difficult for banks and financial organizations to monitor and manage them.
Further, the report states that one challenge in the market is system integration and interoperability issues. The adoption of advanced technologies in many industry verticals, including BFSI, telecom, and public sectors, is increasing significantly. This gives rise to issues related to system integration and interoperability. The vendors should provide unified IT solutions that can be seamlessly integrated with the IT infrastructure of organizations. Technical glitches during the operations can incur a cost to the organization and reduce their operational efficiencies. System integration and interoperability issues mostly arise when organizations update their IT systems or merge their existing IT infrastructure with the acquired companies' IT infrastructure.
ITS, Oracle, Path Solutions, and Temenos, AutoSoft Dynamics, BML Istisharat, EdgeVerve (an Infosys company), ICS Financial Systems, INFOPRO, Infrasoft Technologies, Intertech, Millennium Information Solution, Misys, Nucleus Software Exports, SAB, Silverlake Axis, Sopra Banking Software, Tata Consultancy Services, and VIRMATI SOFTWARE & TELECOMMUNICATIONS.
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