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Mumbai, August 7, 2015: Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global
IT services, consulting and business solutions organization, today announced the release of a new version of
TCS BaNCS for Islamic Banking that will offer comprehensive support for Shariah-compliant deposits and
financing products for Islamic banks globally.
Jamil Hassan, Head of Islamic Finance Center of Excellence for TCS, said, “We are firm in our commitment
to this space and have worked towards unifying the needs across banking, treasury and capital markets.
This is a major release for TCS BaNCS and embodies our holistic approach in ensuring that all solution
components are capable of supporting new and emerging requirements of Islamic banking across the globe,
including regulatory and compliance requirements.”
2015 is the year that Islamic finance is headed mainstream, with assets held by Islamic financial institutions
worldwide expected to double in the coming years, even as major Islamic players extend their footprint
through standalone platforms or joint ventures. The soundness and resilience of the Islamic finance industry
were proven a few years ago, making it a sector with low risk and good return. For this industry to thrive
and sustain growth in the future, product development and the right technology are critical.
TCS BaNCS for Islamic Banking is a market-ready, pre-configured solution that can help potential customers
meet their retail, commercial and corporate banking needs. The incorporation of commodity trading and
inventory modules helps in the management and servicing of deposits and financing products that use
commodities as underlying assets.
The financing component now supports seven additional new structures, including Islamic Overdraft,
Construction Financing and Forward Ijarah. Enhancements have also been made to existing product
structures that are based on Murabahah, Istisna, Ijarah, Musharakah, Mudharabah, and Salam.
The new Inventory module will now handle inventory, sales and purchase-related transactions to support
trading under Murabahah, Commodity Murabahah, Salam, and Ijarah. The solution offers full support for the
AAOIFI-based accounting treatment for Ijarah-based products, including the management of depreciation
and computation of account profitability.
TCS BaNCS for Islamic Banking solution will give an impetus to construction and project financing products
through its inherent flexibility, thereby allowing banks to pick and choose Forward Ijarah, Istisna or
Commodity Murabahah contracts in constructing products relevant to this niche industry. TCS BaNCS
continues to be in the forefront of core banking technology that supports both conventional and Islamic
banking in a single version and codebase. Our clients can install the software in a single instance that can
support both the lines of businesses or subsidiaries and achieve synergies.
Global:
Email: pradipta.bagchi@tcs.com
Phone: +91 22 677 89999
Global:
Email: dennis.roman@tcs.com
Phone: +1 954 423 3560