Rekaz Systems unveils Islamic consumer finance solution

Rekaz Systems has unveiled its Oracle-based Islamic Suite for consumer finance businesses.

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By  Matthew Southwell Published  October 1, 2001

Rekaz Systems has unveiled its Oracle-based Islamic Suite for consumer finance businesses. Designed to handle Islamic sales (Murabaha and Musawama) and leasing (Ijara) methods, the system is intended to help Islamic businesses collect outstanding payments faster and more efficiently in order to improve profitability.

“Islamic business transactions are fundamentally different from conventional ones in conforming to Islamic Law (Sharia) where interest (riba) is prohibited in every form. Rekaz Islamic Suite was designed to meet the growing global demand for solutions that address the needs of Islamic enterprises,” says Abdulla Al Mulaifi, CEO, Rekaz Systems.

“By providing Islamic businesses with the most highly functional and tightly integrated solution available today, Rekaz is bringing to the market both its expertise in Islamic finance as well as the reliability of Oracle’s technology platform,” he adds.

The company estimates that the Islamic investment market is currently worth more than $150 billion and has an annual growth rate of up to 25%. As such, Rekaz will market its offering both locally and globally as it hopes to infiltrate the 200+ Islamic financial institutions currently operating in the market.

The decision to base the Islamic Suite on an Oracle platform was, according to COO Waleed Al Omar, a simple one as it offered the scope and reliability required.

“Islamic financial institutions face the same technology challenges as traditional financial services organisations – finding best-of-breed solutions that integrate quickly and seamlessly for maximum performance,” explains Al Omar.

“Rekaz found that Oracle offers the most comprehensive, integrated, web-based applications on the market today, and it’s the global leader in e-businesses transformation. Together, Rekaz and Oracle are offering the first-ever, truly integrated suite of solutions tailored for Islamic enterprises,” he adds.

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