Tata Consultancy Services has launched a new version of TCS BaNCS for Islamic banking to support Shariah-compliant deposits and financing products for Islamic banks globally.
The customer will meet their retail, commercial and corporate banking needs with the new TCS BaNCS for Islamic banking.
The company said TCS BaNCS is a new pre-configured solution and its commodity trading and inventory module helps in the management and servicing of deposits and financing products.
The financing component now supports seven additional new structures, including Islamic Overdraft, Construction Financing and Forward Ijarah.
Additionally, existing product structures that are based on Murabahah, Istisna, Ijarah, Musharakah, Mudharabah, and Salam have also been enhanced.
This apart, TCS will handle inventory, sales and purchase-related transactions to support trading underMurabahah, Commodity Murabahah, Salam, and Ijarah.
The new solution also offers full support for the AAOIFI-based accounting treatment for Ijarah-based products, including the management of depreciation and computation of account profitability.
The banks can pick and choose Forward Ijarah, Istisna or Commodity Murabahahcontracts in constructing products relevant to this niche industry.
In addition, TCS BaNCS supports both conventional and Islamic banking in a single version and codebase.
Last month, Bank of Bhutan selected TCS TCS BaNCS for its core banking solution to power its next generation banking services and replaced its FLEXCUBE CBS platform.
In June, TCS launched TCS BaNCS Digital, a solution designed specifically for financial institutions in North America to deliver an intuitive, interactive and insightful customer experience.
While in May, central securities depository (CSD) for the Finnish capital markets, Euroclear Finland, launched a new transaction procession platform, Infinity, powered by TCS BaNCS for market infrastructure.