Islamic Banking Growth Is Soaring And Driving IT Investments In The Middle East

Recently, Standard Chartered released its estimates on the banking assets of the Islamic banking segment globally, which it predicts will reach US$1.1 trillion by 2012, up 33% from 2010. Over the past five years, Islamic banking in the Middle East region — which accounts for 60% of global Islamic banking assets — has witnessed a CAGR of 20% and is well positioned to double by 2015.

Consequently, the likes of Temenos and Misys have seen growing interest in and demand for IT solutions catering to the Islamic banking segment. In the past month alone, two major deals were signed in Oman: Muscat-based Bank Sohar and Bank Dhofar both signed agreements with Path Solutions to implement of their Islamic banking IT solution iMAL.

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