Q.
Can you tell us more about the Infrasoft Technologies?
A.
Infrasoft Technologies is global organization providing software products and solutions for the banking and finance sector. We target banks, financial companies, non-banking finance companies and we have all kinds of solutions when it comes to banking and finance. We have offices in Dubai and Bahrain and we have clients all over the Middle East region, in fact there are 8 banks in the region which are using our products.
Q.
What are the products that you are offering?
A.
We are offering comprehensive wealth management solutions, anti-money laundering solutions and the core banking solutions.
Q.
How long Infrasoft has been in the business? How is it going so far?
A.
The business is good. We are a 12-year old company with 550 employees. And recently Baring India Private Equity has invested $27 million into our company, so we are really moving at the fastest pace.
Q.
Can you tell us about your product – Anti Money-laundering solution?
A.
Our anti-money laundering solution is a complete enterprise-wide entry money laundering solution which offers multi-currency, multi-geography, multi-entity and multi-lingual support. It is a very vast enterprise-wide solution and it covers different areas of customer risks management, it covers rule-based engines and opaqueness filtering.
Q.
What made Infrasoft Technologies choose to focus more on the banking sector?
A.
The company assets started with the banking solution. We started with the total bank automation solution and then gradually we moved into the core banking solution. From initial itself, the domain we are targeting is the banking sector. We chose banking sector to serve with because of the expertise that we have in that domain and we know what the banks’ need and we know we have an edge in that sector.
Q.
Please tell us more about your product on Islamic banking? When did you launch this solution?
A.
We have a full-fledged Islamic core banking solution which is a fully Shariah-compliant and this comes out from a framework based solution of conventional core banking. We are having conventional core banking which is running in over 120 financial institutions. This product caters to the entire parts of retail, corporate, investment, management and from the Islamic concept. We moved into this sector because we saw a potential growth in the future. We launched this product a year ago.
Q.
Who are your clients in the Middle East?
A.
In the Middle East, we have lot of customers using our different products and services. We have First Gulf Bank, United Bank, Ahli United Group in Bahrain and Bank of Bahrain in Kuwait. Arab Insurance Group is one of our clients who are using our investment solutions.
Q.
How do you see the future of banking and finance sector in the Middle East?
A.
There will be a huge growth in banking and finance sector in the Middle East. We see a growth potential especially on Islamic banking. The banks are catering to H&Is, banks that are using even a conventional core banking wants to introduce Islamic product. So absolutely there will be a great potential growth in the Islamic banking sector.