FMS.next, Profile ’s Banking platform, incorporates a powerful and reliable Islamic Banking and Finance solution that effectively meets the needs of the industry for flexible, robust and reliable systems. The solution can accommodate the needs for creating and presenting new products and services to the market quickly while including management of these products and compliance mechanisms to serve operations according to Shari’a rules & standards.
The solution’s capabilities were also presented in the recent article at the (Islamic Finance News) IFN, which describes the concerns of Islamic Finance Institutions and how this kind of banking has experienced sudden growth. Although the financial institutions in both the conventional and Islamic finance domains perform more or less the same activities, i.e. attract new clients, develop new products that comply with regulatory requirements, etc., the elements of investments made by the banks, the active participation in businesses and the sharing of profit and risk lead more people to preferring a more ‘socially responsible banking alternative’.