Making Things Simple - Ensuring Technology and Islamic Financial Instruments Complement Each Other

I had the opportunity to present my thought on Technology and Islamic Finance in late 2008 at FT Intelligence Summit in London.

The majority of Islamic banks are small and do not have sufficient budget to procure top of the line technology solutions in their operation.

In addition, these banks have limited IT personnel to direct its technology initiaves.

Using this as the backdrop, I put across a simple message that the selection of their core banking systems should be done with utmost care. Strong and capable vendors with a complete offering of core banking and other modules normally used by banks should be considered seriously and given priority.

Once a good solution is chosen, the rest of the modules, should, if possible be chosen from the same vendor so that interfaces and integration issues are minimized. This will result in a fast roll out initially and lower maintenance over the years. In other words, the right selection of the solution can result in cheaper cost of ownership (TCO - Total Cost of Ownership)and less hiccups..

Effectively, work smart by making things simple. Stick to one vendor as much as possible.


You will find my full presentation here.

Happy Reading and don't forget to give me your feedback..