Abstract
Introduction
Islamic banking has gained significant traction in many parts of the Islamic
world. However, outside the UK, West Europe has remained a nascent market. New
government policy changes may drive new entrants into this market over next 5
years. Given Sharia compliance has the significant implications on IT systems
and processes this will create new opportunities for core system vendors.
Scope of this research
- Considers main potential Islamic banking markets in West Europe, including
France, Germany, Netherlands and Italy, with look at development in the UK.
- Examines impact of Islamic banking provision on technology systems and
core system strategy
- Covers Islamic and non-Islamic world based core systems providers looking
at market presence across Middle East, South Asia, SE Asia and W. Europe
- Examines overall Islamic banking sector, with drill-down on retail banking
opportunity
Research and analysis highlights
France is set to become the next growth market for Islamic banking in Western
Europe, with the French government in process of adjusted policy to facilitate
development of Islamic banking and a number of Islamic banks are expected to
be authorized by mid 2009
Given the nascent nature of Islamic banking in Europe, technology spend to
support and develop retail Islamic banking is currently a small fraction of
overall technology spend. IT spending is expected to double over next five
years (albeit from a small base) increasing from just under $30m in 2009 to
over $60m in 2013.
Conventional banks are likely try to enhance / develop existing core systems
initially in order to minimize capital expenditure outlay. Depending on uptake
success, banks may then adopt new systems 3-5 years down the line. In
contrast, standalone banks are more likely to deploy new Islamic specific core
systems as part of market entry strategies.
Key reasons to purchase this research
- Provides detailed insight into Islamic banking and challenges and
requirements that banks need to overcome to meet Sharia requirements
- Assess likely evolution of Islamic banking in West Europe, with
examination of development likelihood in key markets
- Examines competitive dynamics of Islamic banking core systems market
looking at both niche providers and recent conventional core system entrants
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