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Islamic Banking Software Market size is set to grow by USD 3.28 billion from 2024-2028, Issue of smart cards by islamic banks boost the market, AI Role and Impact, Technavio

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NEW YORK, Aug. 22, 2024 /PRNewswire/ — The global islamic banking software market size is estimated to grow by USD 3.28 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  11.53%  during the forecast period. Issue of smart cards by islamic banks is driving market growth, with a trend towards adoption of blockchain technology. However, lack of expertise, awareness and training in islamic banking software  poses a challenge. Key market players include AutoSoft Dynamics Pvt. Ltd., Azentio Software Pvt. Ltd., Bank Albilad, Bank Alfalah Islamic Banking, BML Istisharat SAL, Codebase Technologies FZE, Craft Silicon Ltd., First Abu Dhabi Bank PJSC, ICS Financial Systems Ltd., INFOPRO Sdn Bhd, Infosys Ltd., International Turnkey Systems Group, Millennium Information Solution Ltd., Nucleus Software Exports Ltd., Oracle Corp., Sopra Steria Group SA, Tata Consultancy Services Ltd., Temenos AG, and Virmati Infotech Pvt. Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Islamic Banking Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 11.53%

Market growth 2024-2028

USD 3281.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.45

Regional analysis

Middle East and Africa, APAC, Europe, North America, and South America

Performing market contribution

Middle East and Africa at 67%

Key countries

Saudi Arabia, Malaysia, United Arab Emirates, Kuwait, and Qatar

Key companies profiled

AutoSoft Dynamics Pvt. Ltd., Azentio Software Pvt. Ltd., Bank Albilad, Bank Alfalah Islamic Banking, BML Istisharat SAL, Codebase Technologies FZE, Craft Silicon Ltd., First Abu Dhabi Bank PJSC, ICS Financial Systems Ltd., INFOPRO Sdn Bhd, Infosys Ltd., International Turnkey Systems Group, Millennium Information Solution Ltd., Nucleus Software Exports Ltd., Oracle Corp., Sopra Steria Group SA, Tata Consultancy Services Ltd., Temenos AG, and Virmati Infotech Pvt. Ltd.

Market Driver

The Islamic banking industry is experiencing digital transformation, driven by the adoption of blockchain technology, IoT, and supply chain analytics. This technological shift is particularly noticeable in industry verticals like BFSI and manufacturing. Blockchain enables real-time tracking of end-to-end transactions, using technologies like Smart Contracts for seamless online transactions. Cloud computing solutions facilitate IoT implementation, allowing manufacturers to connect sensors and devices, reducing per-person access costs, and fostering collaboration with suppliers and customers. The flexibility and rapidly changing technology landscape are expected to increase demand for hosted and cloud-based solutions in the Islamic banking software market. 

The Islamic banking software market is experiencing significant trends in the banking industry. With industry saturation, fintech upheaval, and increasing regulatory initiatives, Islamic banks and financial institutions are seeking efficient and compliant solutions for their operations. On-premises and cloud-based solutions are popular choices, with hybrid options also gaining traction. Islamic finance institutions catering to large enterprises, mid-sized companies, retail sector, SMEs, and large corporations are integrating smart cards, sukuk issuances, and automation into their processes. Fintech companies and software providers are offering cloud-based solutions, incorporating artificial intelligence, blockchain technology, and cloud computing. Sharia compliance, risk administration, analytics and reporting, asset administration, and cellular banking are key features in demand. Integration skills, data protection, cybersecurity, sustainability, and moral investing are essential considerations. Fintech partnerships are crucial for enhancing services, ensuring regulatory compliance, and offering innovative solutions such as automation, risk management, and remittances. 

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Market Challenges

The integration of advanced IT products and services into Islamic banking systems is a complex process for many financial institutions. While the adoption of new technology can enhance customer service and product offerings, it necessitates specialized training for banking staff. Providing this training is a significant challenge due to the time, cost, and resources required. Failure to adequately train staff may result in misaligned products and a damaged brand image. Moreover, the integration of various systems can be problematic due to the lack of technical expertise within banking firms. This deficiency in knowledge and awareness may hinder the growth of the global Islamic banking software market during the forecast period.The Islamic banking software market faces several challenges in the dynamic banking industry. Industry saturation poses competition among software providers to offer innovative solutions to Islamic banks, large enterprises, mid-sized companies, and SMEs. Fintech upheaval brings disruption through fintech companies, pushing for cloud-based solutions over traditional on-premises systems. Islamic finance institutions grapple with automating operations, including smart cards, sukuk issuances, and Sharia compliance, while adapting to regulatory initiatives. Technological advancements like artificial intelligence, blockchain technology, and cloud computing require integration skills. Islamic banks must balance the need for data protection and cybersecurity with the benefits of these technologies. Sustainability and moral investing are also growing concerns. Partnerships with fintech companies and software providers are essential for remaining competitive. Asset administration, risk administration, analytics and reporting, and automation are key areas for improvement. Additionally, retail sector, wealth management, insurance, asset management, remittances, and cellular banking require specialized solutions.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This islamic banking software market report extensively covers market segmentation by  

Application 1.1 Retail1.2 Corporate1.3 OthersDeployment 2.1 On-premises2.2 CloudGeography 3.1 Middle East and Africa3.2 APAC3.3 Europe3.4 North America3.5 South America

1.1 Retail-  The Islamic banking software market is growing steadily due to the increasing demand for Shariah-compliant financial solutions. Banks and financial institutions are investing in advanced software to manage their Islamic banking operations efficiently. These solutions facilitate the implementation of Islamic financing and banking principles, such as profit and loss sharing, riba-free transactions, and ethical investment. The software streamlines processes, enhances transparency, and ensures regulatory compliance, making it an essential tool for Islamic financial institutions.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Islamic banking software market is witnessing significant growth due to the increasing demand for Sharia-compliant financial solutions. This market caters to the unique needs of financial institutions offering Islamic banking operations, which differ from conventional banking in their rejection of interest-based financing and adoption of profit-and-loss sharing, asset-backed financing, and sukuk issuances. Automation, risk administration, analytics, and reporting are crucial components of Islamic banking software, enabling efficient management of transactions and regulatory compliance. Smart cards, cellular banking, and fintech partnerships expand accessibility to Islamic finance. Cloud-based solutions, artificial intelligence, blockchain technology, and cloud computing are transforming the industry, offering advanced features and enhanced security. Regulatory initiatives worldwide are driving the adoption of these technologies, ensuring transparency and compliance with Islamic finance principles. Software providers and fintech companies are at the forefront of this innovation, catering to the retail sector and asset administration needs of Islamic financial institutions.

Market Research Overview

The Islamic Banking Software Market is witnessing significant growth due to the increasing demand for Sharia-compliant financial solutions. This market caters to the unique needs of Islamic banks and financial institutions, enabling them to automate their operations while adhering to the principles of Islamic finance, which prohibits the collection and payment of interest. Key features of Islamic banking software include asset-backed financing, risk administration, analytics and reporting, asset administration, cellular banking, and integration skills. The market is also witnessing trends such as fintech partnerships, data protection, cybersecurity, sustainability, and moral investing. The market is saturated with on-premises, cloud-based, and hybrid solutions catering to various segments such as Islamic banks, large enterprises, mid-sized companies, retail sector, SMEs, large corporations, wealth management, insurance, asset management, and remittances. Moreover, the market is witnessing the adoption of advanced technologies such as artificial intelligence, blockchain technology, cloud computing, and regulatory initiatives. Fintech companies and software providers are also playing a crucial role in the growth of the market. Islamic banking operations are increasingly relying on cloud-based solutions for their efficiency and cost-effectiveness. Sukuk issuances, smart cards, and other digital initiatives are also driving the growth of the market. However, the market faces challenges such as industry saturation and fintech upheaval, which require continuous innovation and adaptation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationRetailCorporateOthersDeploymentOn-premisesCloudGeographyMiddle East And AfricaAPACEuropeNorth AmericaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Siemon Announces Optical Patching Solutions for GenAI Networks Using NVIDIA Accelerated Computing

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Siemon announces it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks.

WATERTOWN, Conn., Sept. 22, 2024 /PRNewswire-PRWeb/ — The Siemon Company, a global leader in network infrastructure solutions, today announced it is offering its full range of optical patching solutions to work specifically with NVIDIA AI infrastructure for generative AI networks. Large complex GPU clusters can benefit from using structured cabling patch panels versus point-to-point cabling. Siemon acts as a trusted advisor to customers by providing expert advice and best practice recommendations for design & deployment of NVIDIA AI Infrastructure.

“Siemon is very familiar with NVIDIA reference architectures and has worked with many customers to design and deploy NVIDIA clusters… Siemon offers a full range of AI-ready fiber cabling, DAC, and AOC solutions that support 400G, 800G, and 1.6T applications.”

As part of the solution integration, Siemon has joined the NVIDIA Partner Network (NPN) as a Solution Advisor Consultant. NPN Solution Advisor Consultants provide consultation services and expert advice to customers looking to implement NVIDIA-based solutions or technologies. Siemon joins the network to offer its expertise in addressing the unique infrastructure and cabling challenges presented by accelerated computing.

NVIDIA optical reach specifications are calculated assuming two optical patch panels are used in the link and assuming each employ two optical connectors, which makes for a total allowance of four optical connectors in the link. The Siemon optical patching solutions meet NVIDIA requirements and provide customers with flexibility and ease of management.

Media Contact

Brian Baum, Siemon, 1 8609454200, brian_baum@siemon.com

View original content:https://www.prweb.com/releases/siemon-announces-optical-patching-solutions-for-genai-networks-using-nvidia-accelerated-computing-302254640.html

SOURCE Siemon

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AMSimpkins & Associates Awarded Wisconsin Technical Purchasing Consortium Contract RFB 25-002TP – for Identity Verification Solutions

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AMSimpkins & Associates has been awarded the Wisconsin Technical Colleges Purchasing Consortium (WTC-PC) contract for Identity Verification Solutions. This partnership includes providing their advanced S.A.F.E. (Student Application Fraudulent Examination) platform to 16 Wisconsin technical colleges, enhancing security and safeguarding against fraudulent student applications. With a focus on higher education, AMSA aims to support these institutions in maintaining the integrity of their admissions processes and preventing identity fraud. This collaboration underscores AMSA’s commitment to delivering innovative solutions tailored for the education sector.

ATLANTA, Sept. 22, 2024 /PRNewswire-PRWeb/ — AMSimpkins & Associates is proud to announce its selection by the Wisconsin Technical College System Purchasing Consortium (WTC-PC) to provide Identity Verification Solutions through the S.A.F.E. platform. The WTC-PC comprises 16 independent, publicly funded two-year technical colleges across Wisconsin, including Blackhawk Technical College, Chippewa Valley Technical College, Fox Valley Technical College, and Milwaukee Area Technical College, among others.

“We are honored by the Wisconsin Technical College Consortium’s trust in AMSA. This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”

With a focus on preventing identity fraud, AMSimpkins & Associates’ comprehensive solutions will strengthen the security measures across admissions, enrollment, and financial aid processes, ensuring secure verification and compliance with federal and state regulations. S.A.F.E. will now support Wisconsin’s higher education system, offering its cutting-edge technology to streamline operations and safeguard student data.

“We are honored by the Wisconsin Technical College Consortium’s trust in AMSimpkins & Associates,” said Maurice Simpkins, President and Founder. “This partnership further emphasizes our commitment to providing secure, innovative identity verification solutions that support the needs of educational institutions in protecting their students and operations.”

As part of this agreement, AMSimpkins & Associates will deliver comprehensive services, including system integration, training, and ongoing support to ensure seamless implementation. S.A.F.E.’s capabilities are designed to evolve with growing threats of fraudulent activities, keeping institutions one step ahead in securing student identities.

Institutions in the Wisconsin Technical College System:

Blackhawk Technical CollegeChippewa Valley Technical CollegeFox Valley Technical CollegeGateway Technical CollegeLakeshore Technical CollegeMadison Area Technical CollegeMid-State Technical CollegeMilwaukee Area Technical CollegeMoraine Park Technical CollegeNicolet Area Technical CollegeNorthcentral Technical CollegeNortheast Wisconsin Technical CollegeNorthwood Technical CollegeSouthwest Wisconsin Technical CollegeWaukesha County Technical CollegeWestern Technical College

The S.A.F.E. platform’s advanced identity verification services will play a pivotal role in securing sensitive data and ensuring a safe and fraud-free environment for Wisconsin’s technical colleges and their students.

For more information about AMSimpkins & Associates and the S.A.F.E. platform, please visit amsa-highered.com.

Media Contact

LAQWACIA SIMPKINS, AMSimpkins & Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, amsa-highered.com

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SOURCE AMSimpkins & Associates

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Shijingshan: Committed to High-Level Openness

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BEIJING, Sept. 22, 2024 /PRNewswire/ — Following the third plenary session of the 20th Central Committee of the Communist Party of China, China successfully hosted its first national-level international large-scale fair—the China International Fair for Trade in Services (CIFTIS) 2024, which concluded on September 16. The event featured exhibitors from 85 countries and international organizations, participating under their national governments or headquarters, with over 450 Fortune Global 500 companies and industry leaders showcasing their offerings both online and offline.

Adhering to the open, cooperative and mutually beneficial principle, the CIFTIS injects new momentum into global economic development through concrete actions. As one of the “dual venues” for the fair, Shijingshan District hosted a variety of business activities, including exhibitions, negotiations, and conferences. While providing meeting organization services, it showcased the achievements of Shijingshan in fostering openness and development. By leveraging the Fair’s platform, Shijingshan seeks to promote its developmental advantages globally and aims to attract more partners to this welcoming district for mutually beneficial and win-win cooperation.

Presenting Achievements in Open Cooperation and Development in Multiple Dimensions

This CIFTIS’s Shougang Park venue is composed of nine thematic exhibitions, including telecommunications, computer and information services; financial services; culture & tourism services; education services; sports services; supply chain & business services; engineering consulting & construction services; health services; and environmental services. It circles around cultivating new quality productive forces while showcasing the latest achievements, technologies, and applications in the digitalization, intelligentization, and greening of services trade, creating a “debut stage” for global services trade.

Shijingshan leverages its strengths by organizing five thematic exhibitions and four promotional booths on-site. The culture & tourism services exhibition promoted Shijingshan’s rich culture and tourism resources, while also building a support area for paired assistance to highlight its revitalization efforts to a global audience. The financial services exhibition showcased its achievements in economic development across five sectors, that is, sci-tech finance, green finance, inclusive finance, pension finance, and digital finance. The exhibition of telecommunications, computer and information services highlighted the growth of Shijingshan’s the artificial intelligence large model industry cluster and key humanoid robot enterprises. In addition, the primary and secondary school science education experimental zone invited participation from six national-level science education centers, including Shijingshan District, to display their accomplishments. Four schools, including the Beijing National Day School Shijingshan, showcased their scientific research and learning outcomes through visual presentations and videos, while also engaging visitors in interactive science experiments.

The AIES Beijing Open is made up of four competition areas, virtual cycling, virtual rowing, virtual dance, and virtual table tennis. The event welcomed international competitors, domestic professional athletes, high-level amateurs, and university students, while showing the achievements of the “digital + sports” industry. Besides, four promotional booths focused on taxation, justice, investment, and commerce showcases Shijingshan’s tax and judicial policies, offering one-stop policy guidance for participating businesses and visitors. These booths also clarified investment promotion policies, creating a unique event that integrates commerce, tourism, culture, and sports.

Working Together for Global Open Cooperation and Development

The Open Cooperation Forum 2024 was held on the afternoon of September 13. Experts, scholars, government representatives, and business leaders from both domestic and international backgrounds gathered at the Shougang Park to engage in in-depth discussions on promoting high-level open cooperation and supporting regional economic development. Shijingshan District is committed to taking industrial transformation as the strategic foundation for its initiatives, establishing several distinctive industrial parks, including the Intelligent Technology Park, Industrial Internet Park, Virtual Reality Park, Science Fiction Industry Cluster, and Artificial Intelligence Large Model Cluster. What’s more, the district is focusing on new opportunities in future information, future health, future manufacturing, and future space, continually enhancing its innovation capacity, development vitality, economic strength, and overall competitiveness.

It is dedicated to expanding openness as a key driver for integrating into the capital’s new development pattern. The district capitalizes on a range of policy opportunities, including the construction of Beijing’s two zones, effectively leveraging the role of expanding services and deepening economic reforms. It continues to optimize the business environment, actively participates in organizing the CIFTIS, and develops high-standard international cooperation zones to provide a broad platform and efficient services for enterprises to settle and cluster. Shijingshan aims to implement high-level openness to promote high-quality development, enhance mechanisms for foreign openness, innovate and elevate services trade, and align with international economic and trade standards, creating a premier business environment characterized by marketization, rule of law, and internationalization.

Three parallel forums took place during this CIFTIS. With the theme of “Leveraging Overseas Strength for Development • Pursuing Broad Horizons Through Innovation”, the Dream Incubator of Overseas Chinese Beijing Forum set up ten sub-venues abroad, aiming to enhance the involvement of overseas Chinese’s capital and expertise in Beijing’s high-quality development. The Artificial General Intelligence Computility Forum focused on “Releasing New Quality Productive Forces with Unbounded Intelligence and Computational Foundations”, where industry experts and scholars explored new possibilities in artificial general intelligence computility. The Digital Energy Development Forum 2024, themed as “Energizing the Future with Digital Innovation”, showcased a range of quality development achievements and finalized partnerships for several high-quality projects, uniting all parties to advance digital innovation and development.

The rich array of side events is one of the highlights of this CIFTIS. The International Open Cooperation Promotion Conference circled around developing the international open cooperation zone, drawing representatives from international organizations, leading global companies, and prospective businesses seeking to establish a presence in these areas. It centered on the advantages of Shijingshan’s key industries to attract target enterprises. Furthermore, the Roundtable Discussion of Foreign-Funded Enterprises engaged representatives from international organizations, business associations, and foreign-funded companies from countries like Malaysia, Singapore, and France to explore collaboration in aligning with high-standard international economic and trade rules, as well as market access in the service sector, sharing the successes of modernization with Chinese characteristics.

To enhance the consumer experience for attendees of the CIFTIS, Shijingshan has expanded its comprehensive service offerings in areas such as food, accommodation, transportation, tourism, entertainment and shopping. The Second “Here I Am for CIFTIS” Shijingshan Culture and Tourism Carnival has been significantly upgraded, evidenced by the “Divine Beasts Ascend to Immortal Mountain”: Enchanting Night Tour in Shijing Mountain. The “Surprises Await in Shijingshan. Hey There, CIFTIS!” promotional event was held during the 14th Shijingshan Consumption Festival. This included online surprise announcements and a consumption map showcasing quality shopping venues. Special surprise floats were on display, with oversized themed shopping bags distributed. Shopping centers like Joy City, Xirondo Plaza, Modern Plaza, and Chang’an Mills in Shijingshan also launched supporting promotional activities. Business tours in Shijingshan offered three dedicated routes, inviting exhibitors from digital technology, finance and insurance, culture and tourism, and sports related industries to explore relevant industrial parks and attractions for in-depth exchanges.

The China International Fair for Trade in Services 2024 has successfully concluded. Utilizing this platform, Shijingshan has once again showed its high-quality development achievements and favorable business environment to a global audience. We look forward to collaborating with more partners in an open and inclusive manner to create a win-win future.

View original content:https://www.prnewswire.com/news-releases/shijingshan-committed-to-high-level-openness-302254872.html

SOURCE Open Cooperation Forum

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