TCS BaNCS for Islamic Banking

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TCS BaNCS for Islamic Banking supports sophisticated and flexible product manufacturing processes that allow banks to build new products rapidly and well ahead of the competition. It offers full range of banking products and services.

Encompassing Islamic products such as Murabaha, Musharaka, Istisna, Mudaraba, Ijara, as well as Takaful or insurance, the solution can help banks with:

  • Complete transaction life cycle support
  • Variety of deposits and financing arrangements
  • A wide range of foreign exchange activities, remittances, payment as well as card
  • 360-degree views of the customer as well as of the bank
  • Enterprise-wide information relating to regulatory reporting, risk management
  • Compliance with the Shariah law, AAOIFI accounting standards, and IAS

Key Features

  • Full transaction lifecycle from acquisition to servicing, for a complete range of retail, commercial, and corporate products
  • A variety of financing arrangements based on flexible, agile and function-rich product configuration options
  • Foreign exchange, remittances, payment cards, and Islamic trade finance contracts including letters of credit based on Wakala, Mudaraba, Musharaka as well as letters of guarantee based on the Wakala concept
  • Islamic treasury operations such as commodity Murabaha, reverse commodity Murabaha and Sukuks
  • Deposit products such as savings accounts, Wadiah accounts, current accounts, investment accounts, and restricted investments
  • Separate records and customization for funds under profit calculation and distribution parameters

Key Benefits

  • Enables platform flexibility, cost efficiency and unmatched scalability
  • Allows for rapid product development and process configuration
  • Enables innovation and development of new instruments