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GLOBAL:
UK-based Eiger Trading Advisors, in collaboration with Gulf
International Bank (GIB)’s Saudi retail arm, ‘ Meem م’, today announces
the launch of the first ever fully-automated Shariah compliant 24/7
Retail Murabahah platform, Islamic Finance news (IFN) can exclusively announce.
The
first dedicated retail platform in the market, the new system uses
straight-through-processing and a direct integration with banks’ core
systems, in order to optimize the efficiency of Murabahah transactions:
enabling real-time round-the-clock services to banks’ retail clients.
“The
platform allows Islamic banks to compete with the technology offerings
of their conventional counterparts, improving customer access to
banking services while still maintaining the most robust Shariah
standards,” explained Tom Guest, Eiger’s head of global marketing, to
IFN. The platform represents the increasing confluence between
technology and innovation, giving the Islamic banking and finance
industry a competitive edge that allows it to compete more efficiently
with its conventional peer.
Stephen
Openshaw, CEO of Eiger, explained to IFN that: "This is a huge
step for Eiger in our goal of becoming the pre-eminent service provider
in the industry. We see our groundbreaking technology, developed entirely
in-house, as a further step in the continued automation of what has
historically been a largely manual process within the Islamic financial
industry.
The
new system of straight-through-processing has further potential within
the sector, with the potential to extend from the commodity sourcing
aspect of Murabahah trades, to front office interfacing and operational
system integration. By incorporating an interface between banks and
commodity producers, the system also allows real-time transaction processing
which enables banks to provide Shariah compliant solutions consistently
and efficiently through a range of new electronic channels: thus
expanding the possibilities of product development and consumer access.
According
to Guest, Eiger is keen to bring the e-service to other countries and
has seen strong interest from institutions in the GCC, Europe and
Southeast Asia. “We have a fantastic team who are committed to
launching this product in as many jurisdictions as possible. We are
also looking at strategic partnerships to capitalize on what we believe
to be an enormous opportunity within this market,” he confirmed.
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