The Kondor+ Suite for Islamic banking is designed in accordance with Shari’ah rules under which financing and investment techniques are based on profits from trade rather than the paying and receiving of interest.
Instrument coverage in Kondor+ Suite for Islamic banking, includes commodity and reverse Murabaha, Wakala, deposit exchange, Islamic spot and forwards, point based borrowing and lending, Islamic currency options, profit rate swap and Sukuk.
Andrew White, global head of risk management at Thomson Reuters, said: “The Islamic finance industry continues to grow in both size and diversity of financial instruments. Kondor+ Suite for Islamic Banking is a modern software solution that can be customised to a client’s needs to meet the practices and regulations that vary by region. This launch demonstrates Thomson Reuters commitment to providing financial institutions with the specialist tools which they require to return benefits for their clients.
“From the trading risk perspective, Islamic finance operates in the same macro, tax, regulatory and legal environment as conventional financial services and has the same vulnerabilities to liquidity and confidence crises. As this community expands, niche or add-on systems no longer provide the kind of breadth and depth of functionality needed by financial institutions. Kondor+ Suite for Islamic Banking meets this market requirement.”
