To develop an Islamic banking solution for the region and global market
Callataÿ & Wouters, a provider of core banking and multi-channel distribution solutions, has formalised its partnership with the IA Group Sdn Bhd (IA), a Malaysian management consulting, technology and outsourcing company. Callataÿ & Wouters and IA will jointly develop, implement, support and market the Thaler Islamic Banking solution in Malaysia initially, with plans to extend the initiative globally.
The joint effort will see the first customer in Malaysia going live by early 2010 with the Thaler Islamic banking solution. With Callataÿ & Wouters’ expertise in the core banking field, and IA’s knowledge of Shariah compliance and experience in the large scale technology project implementations, the offering is expected to appeal to institutions across the world looking for a Shariah-compliant solution.
Thaler is a scalable core banking system that includes functionality for deposits, loans, securities, treasury and payments. Modular, scalable, and highly flexible, it can address a wide range of core and analytical banking activities in multiple channels. It is designed to run either as an end-to-end solution, covering the entire range of core banking activities, or on a modular basis to support individual lines of business, such as retail, private wealth management and direct banking.
Hamzah Kassim, chief executive officer of IA, said: “Callataÿ & Wouters’ expertise in the core banking space and strong track record for delivery, make them the ideal partner with which to collaborate on forthcoming projects in the region. In Thaler, not only do we see a scalable end-to-end platform that is flexible enough to meet client requirements, but the real potential to develop a global solution that we could go to market with. With Callataÿ & Wouters strong presence in Europe, IA can also position strategically to tap into the growth of Islamic finance in the European market. ”
Marc De Groote, CEO of Callataÿ & Wouters, said: “As Islamic banking continues to grow around the world, Shariah-compliant solutions have to look to provide alternative banking and services particularly in Asia and the Middle East. For Callataÿ & Wouters, the partnership with IA presents an opening to not only acquire new customers in the region, but also to venture into a new line of business, offering a solution with global reach and opportunities.”