Rekaz delivers Islamic finance solution

Rekaz Systems is demonstrating its Oracle-based Islamic Suite for consumer finance this Gitex.

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By  Matthew Southwell Published  October 14, 2001

Rekaz Systems is demonstrating its Oracle-based Islamic Suite for consumer finance this Gitex. 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 has been designed to meet the growing global demand for solutions," says Abdulla Al Mulaifi, CEO, Rekaz Systems.

"[The solution is] highly functional and tightly integrated. Rekaz Systems brings both its expertise in Islamic finance and Oracle's technology platform to market," he adds.

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