| 10 Sep 2007 |
|
3i offers Shariah range for financial sector
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Indian IT vendor 3i Infotech3i Infotech
has launched a range of Shariah-compliant technology products for the banking, financial services and insurance sectors. The company, which derives a quarter of its revenues from the Middle East and Africa region, will supply and manage these products for clients, enabling them to outsource much of their back office infrastructure.
's deputy managing director. Padmanabhan said the booming Islamic finance sector, which has enjoyed over 15 per cent year-on-year annual growth, has increased awareness about how technology is key to innovation.
"This is a fast-growing region and companies are expanding rapidly, so over the past three years we have launched many products that are designed for companies that want drive this growth through IT," he said.
"These products enable firms to shift much of their operations to low cost centres, which can also be scaled up." Firms pay on a pro rata basis, for example the number of transactions processed by 3i Infotech3i Infotech
on their behalf, while the latter also manages their IT infrastructure. Padmanabhan said: "We manage everything from the moment a customer scans in a document, which means the system can be hosted in Dubai with the back office in India.
By Matt Smith
© Emirates Today 2007
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