Rekaz Systems launches Islamic consumer finance solution

Rekaz Systems has launched the Rekaz Islamic Suite™, a comprehensive and robust Oracle-based solution for sales, leasing, and collection designed specifically for the unique needs of Islamic consumer finance businesses worldwide.

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By  Massoud Derhally Published  October 1, 2001

Rekaz Systems has launched the Rekaz Islamic Suite™, a comprehensive and robust Oracle-based solution for sales, leasing, and collection designed specifically for the unique needs of Islamic consumer finance businesses worldwide.

The new Rekaz Islamic Suite™ supports multiple types of Islamic sales methods (Murabaha and Musawama), as well as multiple Islamic Leasing (Ijara) methods, and its high-performance collection management system helps Islamic businesses collect outstanding payments faster and more efficiently, significantly improving profitability. Rekaz has developed its Islamic suite to integrate fully with the Oracle E-Business Suite for seamless back-office management and workflow.

“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 exclusively to meet the growing global demand for solutions that address the unique needs of Islamic enterprises,” said Rekaz Systems’ CEO Abdulla Al-Mulaifi. “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 added.

Rekaz is targeting its new solution at the global Islamic Financial Services Industry, a sector that is currently estimated at more than $150 billion with an annual growth rate of up to 25%. The company will market the Rekaz Islamic Suite™ to the more than 200 Islamic financial institutions operating in 38 countries and via the Internet today.

Husam Dajani, Vice President of Oracle Middle East, took part in the launch of the Rekaz Islamic Suite™. He stated, “Oracle is delighted to partner with Rekaz to address the unique needs of Islamic financial institutions not just in the Middle East, but around the world. Rekaz’s objective of extending the functionality of the Oracle E-Business Suite will enable Islamic financial institutions to receive significant business benefits, including reduced business complexity, comprehensive integration, and ease-of-use.”

The new Rekaz Islamic Suite™ is fully Oracle-based and optimizes the Oracle database and Oracle Application Server to deliver rapid and reliable access to business-critical information. The solution seamlessly integrates with Oracle E-Business Suite to function as a single system across applications including Financials, human resources, business intelligence, and customer relationship management, and provides Islamic businesses with a comprehensive and robust infrastructure, designed for rapid and easy implementation.

“Islamic financial institutions face the same technology challenges as traditional financial services organizations – finding best-of-breed solutions that integrate quickly and seamlessly for maximum performance. Rekaz has 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,” added Rekaz Systems’ COO Waleed Al-Omar.

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