Tata Consultancy Services (TCS), a leading global IT services, consulting and business solutions organisation, has unveiled a new version of TCS BaNCS for Islamic banking that will offer comprehensive support for Shariah-compliant deposits and financing products for Islamic banks globally. TCS BaNCS for Islamic banking is a market-ready pre-configured solution that can help potential customers meet their retail, commercial and corporate banking needs. The incorporation of commodity trading and inventory modules helps in the management and servicing of deposits and financing products that use commodities as underlying assets.
TCS BaNCS for Islamic banking solution will give an impetus to construction and project financing products through its inherent flexibility, thereby allowing banks to pick and choose Forward Ijarah, Istisna or Commodity Murabahahcontracts in constructing products relevant to this niche industry. TCS BaNCS continues to be in the forefront of core banking technology that supports both conventional and Islamic banking in a single version and codebase.
TCS is an IT services, consulting and business solutions organization that delivers real results to global business, ensuring a level of certainty no other firm can match. The company offers a consulting-led, integrated portfolio of IT, BPO, infrastructure, engineering and assurance services.
