The international financial services information company Thomson Reuters launched on Tuesday, January 19, an Islamic banking-tailored risk management system.

"Kondor+ Suite for Islamic Banking is a modern software solution that can be customised to a client's needs to meet the practices and regulations that vary by region," Andrew White, Global Head of Risk Management, Thomson Reuters, said in a statement.

The system provides full front-to-back and cross-asset coverage of Islamic banks as well as Islamic windows in conventional banks, informs IslamOnline.net. It includes Murabaha, sale on profit, and Wakala, fiduciary agreement between two parties.

"This launch demonstrates Thomson Reuters commitment to providing financial institutions with the specialist tools which they require to return benefits for their clients."

Last month, Thomson Reuters announced plans to launch a news portal covering information about the Islamic financial industry in early 2010.

The foundation, which has been active in the Middle East, Africa and South East Asia since 1865, has strong Islamic finance assets covering leading content, news, analytics and trading capabilities.

Reuters believes this would help bring about a sharp rise in the Islamic finance market, already one of the fastest growing sectors in the global financial industry.

Booming Market

White said that Islamic banking industry is one of the most booming banking sectors in the world. "The Islamic finance industry continues to grow in both size and diversity of financial instruments."

Starting almost three decades ago, the Islamic banking industry has made substantial growth and attracted the attention of investors and bankers across the world.

Currently, there are nearly 300 Islamic banks and financial institutions worldwide whose assets are predicted to grow to $1 trillion by 2013.

"As this community expands, niche or add-on systems no longer provide the kind of breadth and depth of functionality needed by financial institutions," said White. "Kondor+ Suite for Islamic Banking meets this market requirement."

By IslamOnline.net

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