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i-flex develops Islamic banking solutions

Special Correspondent

BANGALORE: Banking and financial services sector provider, i-flex Solutions has developed a customised version of its FLEXCUBE, currently ranked the largest used globally, specifically to meet the needs of Islamic banking.

i-flex Chairman Rajesh Hakku told reporters here on Friday that major banks based in the Middle East and Malaysia had already gone for the solution and international banks such as HSBC, Citibank and ABN-AMRO operating in Islamic countries had also ordered it and some already using it.

"The link with Oracle (which now has a 81 per cent stake in i-flex) helps us both in terms of resources, more specialists and geographical reach. It will also help in more strategic acquisitions, retaining our focus on the banking and financial services sector, with an estimated global IT spend of $70 billion and growing fast'' Mr Hakku said.

Managing Director and CEO, N.R. K. Raman said the business wing of Revleus, the Basel II norms solution, had six customers already in India.

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