The Islamic banking software market is growing at an exponential rate, almost on par with the growth in the global Islamic banking and insurance market, software developers said recently.
Chief Executive and co-founder of Millennium Information Solution Ltd, Mahmoud Hossain, said Islamic banks` assets have reached US$210 billion with a compound annual growth rate exceeding 8%. This translates to a strong growth in demand for Islamic financial software. He added that a large number of conventional banks are currently migrating towards Islamic banking that requires different software that offers Shariah-compliant services and products.