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市場調査レポート
イスラム金融コアシステム：西欧のビジネスチャンス
Islamic Banking Core Systems: The West European Opportunity (Strategic Focus)
| 発行 |
Datamonitor |
| 出版日 |
2009年03月 |
商品コード |
85194 |
| ページ情報 |
英文 46 pages |
| 価格 |
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Abstract
Introduction
Islamic banking has gained significant traction in many parts of the Islamic
world. However, outside the UK, West Europe has remained a nascent market. New
government policy changes may drive new entrants into this market over next 5
years. Given Sharia compliance has the significant implications on IT systems
and processes this will create new opportunities for core system vendors.
Scope of this research
- Considers main potential Islamic banking markets in West Europe, including
France, Germany, Netherlands and Italy, with look at development in the UK.
- Examines impact of Islamic banking provision on technology systems and
core system strategy
- Covers Islamic and non-Islamic world based core systems providers looking
at market presence across Middle East, South Asia, SE Asia and W. Europe
- Examines overall Islamic banking sector, with drill-down on retail banking
opportunity
Research and analysis highlights
France is set to become the next growth market for Islamic banking in Western
Europe, with the French government in process of adjusted policy to facilitate
development of Islamic banking and a number of Islamic banks are expected to
be authorized by mid 2009
Given the nascent nature of Islamic banking in Europe, technology spend to
support and develop retail Islamic banking is currently a small fraction of
overall technology spend. IT spending is expected to double over next five
years (albeit from a small base) increasing from just under $30m in 2009 to
over $60m in 2013.
Conventional banks are likely try to enhance / develop existing core systems
initially in order to minimize capital expenditure outlay. Depending on uptake
success, banks may then adopt new systems 3-5 years down the line. In
contrast, standalone banks are more likely to deploy new Islamic specific core
systems as part of market entry strategies.
Key reasons to purchase this research
- Provides detailed insight into Islamic banking and challenges and
requirements that banks need to overcome to meet Sharia requirements
- Assess likely evolution of Islamic banking in West Europe, with
examination of development likelihood in key markets
- Examines competitive dynamics of Islamic banking core systems market
looking at both niche providers and recent conventional core system entrants
Table of Contents
OVERVIEW
KEY MESSAGES
- Uptake of Islamic banking remains nascent in Western Europe despite
recognized potential
- France is following the UK in leveling the policy environment, with other
Western countries likely to follow in medium-term
- Sharia compliance drives core systems requirements beyond most
conventional systems
- Islamic banking has process implications across sales, origination and
servicing
- West European entrants will focus on core systems, plus online for
standalone banks
- Retail Islamic banking technology spend in Western Europe will reach $60m
by 2013
- Vendors need to demonstrate long-term commitment to Islamic banking
- The competitive battlefield will be at country level rather than for
overall Islamic offering
MARKET OPPORTUNITY
- Islamic banking has become a viable alternative to conventional banking
- Islamic banking concepts revolve around community banking, ethical
investment and affinity marketing
- Uptake of Islamic banking remains nascent in Western Europe despite
recognized potential
- The West European potential customer base from domestic and temporary
Muslim population is significant
- The Muslim population does not necessarily represent the potential
Islamic banking market population
- Public policy and regulation are the initial barriers, with understanding
the long-term issue
- The UK market has led retail Islamic banking provision in Europe, with
basic Islamic products so far
- Greater provision of UK Islamic banking coincided with removal of tax
and regulatory disadvantages
- Take-up by the Muslim community has been good, but Islamic banking
remains niche
- UK Muslim understanding of Islamic products is long-term challenge, but
financial crisis will assist take-up
- France is following the UK in leveling the playing field, with other
Western countries likely to follow suit in the medium-term
- The French government has adjusted policy to facilitate the development
of Islamic banking
- The German banking sector was an early mover in Islamic banking, but has
not sustained momentum
- Italian Islamic banking suffers from tax disadvantages and nascent
political interest
- The Netherlands has shown interest in developing Islamic banking, but
limited movement so far
- EU banking passport principles will drive less active governments to
deal with Islamic banking
CUSTOMER IMPACT: TECHNOLOGY IMPLICATIONS
- Sharia requirements drive different accounting and calculation approaches
in core
- The need to distribute pooled profit means that calculating deposit
returns is more akin to fund administration
- Haram requirements mean Islamic windows should co-mingle funds and treat
accounting separate entities
- Islamic banking has process implications across sales, origination and
collections
- Bank ownership of asset drives different origination process and an
asset management requirement
- Achieving Sharia compliance requires attention to sequence of
origination as well as contract content
- West European entrants will focus on core systems, plus online for
standalone banks
- Initial IT priority in Western Europe will be on core, with standalone
banks the main users of new systems
- Technology development around origination is likely to be limited in the
short-term
- Strong direct channel and third party integration capabilities will be
important for standalone banks
- Retail Islamic banking technology spend in Western Europe will reach $60m
by 2013
- Retail Islamic banking technology market will be led by UK and France in
the short-term
- Achieving Sharia compliance is essential, but main core system
investment business drivers still apply
COMPETITIVE LANDSCAPE
- The Islamic banking core systems market remains fragmented with a strong
regional aspect
- Niche/regional Islamic banking core vendors remain important players in
the Islamic core banking market
- A number of the leading conventional core vendors have entered the
Islamic core banking market
- The leading conventional core vendors are catching up in the Islamic
banking space
- Niche vendors retain some advantage in Islamic markets due to cultural
and process understanding
- Growing reference lists mean that leading vendors are now likely to
dominate larger and regional implementations
GO TO MARKET
- Vendors need to demonstrate long-term commitment to Islamic banking
- The ongoing development roadmap is important with a view of Islamic
banking beyond the Middle East
- Vendors should develop Islamic services capability for both
implementation and support
- The competitive battlefield will be at country level rather than for
overall Islamic offerings
- Developing country specific out-of-the-box capability will be a valuable
differentiator
- Vendors targeting Western Europe should highlight conventional presence
and Islamic expertise
- Vendors should recognize that success metrics may differ from the
non-Islamic market
- Profitability metrics and business case drivers may differ, with greater
focus on customer base growth
- However, underlying IT drivers for core system investment around
flexibility and time-to-market are similar
APPENDIX
- Definitions
- General terms
- Glossary of key Islamic banking terms
- Ask the analyst
- Datamonitor consulting
- Disclaimer
FIGURES
- Figure: Customer sweet spots for Islamic banking models
- Figure: Distribution and population density of Muslim population across
Western Europe
- Figure: Main Islamic deposit products provided in UK market
- Figure: Main Islamic financing products provided in UK market
- Figure: Islamic Bank of Britain customer deposit and operating income
growth H2 2004 - H1 2008
- Figure: France is likely to be most significant Islamic banking market in
the short-term
- Figure: Banking activities affected by co-mingling requirements for
Islamic windows
- Figure: Technology spend on retail Islamic banking in Western Europe, 2009
- 13, $m
- Figure: Business drivers for core systems investment in Western Europe
- Figure: Islamic world-based Islamic banking core systems vendors
- Figure: Pan-regional conventional core system vendors with Islamic banking
offerings
- Figure: Top functionality requirements for core system replacement in
Western Europe retail banks
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