SunGards Aids Islamic Banking

SunGard has extended its Ambit banking solution suite to include Islamic banking capabilities for retail and commercial banks.

Ambit Islamic Banking offers banks a Shariah-compliant solution for core banking, customer service management, card management, treasury management, and risk and compliance.

The solution provides a core system that supports Mudarabah, Musharaka, Ijarah, Murabaha, Salam, Istisna and Bai Inah contracts for deposits, loans, leasing, cards and treasury products such as Sukuk bonds. It will also help banks to design and customize products that cater to the requirements of different Islamic jurisprudences and manage the specific risk requirements associated with Islamic banking including, commodities and inventory risk, legal and Shariah compliance risk, equity position risk, mark-up risk and transfer risk.