Cassiopae, a global asset finance software provider, said its V4 software now supports Islamic Finance, a key requirement for finance companies doing business in Islamic countries.

The range of Islamic Finance products and services is growing. Islamic Finance has expanded from the Muslim world to international financial markets with rising crude oil prices and petrodollar holdings. A number of Islamic retail banks and banking units have also opened recently throughout the Middle East and Asia Pacific regions, the company said.

“The Islamic Financial Services industry is growing rapidly and we see that continuing. Many non-Islamic banks are now looking to provide Islamic financial services as well,” said MEA managing director, Jemil Ben Romdhane. “Cassiopae software is a good fit for Islamic Finance due to its robust core banking features and configurability for local requirements. We have setup the solution easily for two North African leasing leaders for both products, IJARA and ISTISNA’A, offering features like documents printing in Arabic, data input and user interfaces in Arabic,” he added.

Ben Romdhane, will be speaking on the topic of Islamic Finance at the upcoming “Forum Africain de la Finance Islamique” on April 19th in Tunis. The forum will explore the operating principles, regulatory bodies, products, investors and risks involved in the industry.

Cassiopae V4 addresses several of the factors that challenge international acceptance of Islamic Finance including standardization, supervisory oversight, compliance, risk management and varying local requirements, the company said.