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Pennant Launches pennApps Islamic Profit Sharing Management

By November 5, 2013 No Comments
pennApps Islamic Profit Sharing Management enables you to achieve highest levels of transparency and complete automation to manage restricted and unrestricted Islamic investments, compute and share the profits…

November 5, 2013 Hyderabad – Pennant Technologies, a leading provider of software services and products to the leading banks across Middle East, make deep strides in to Islamic Banking Software Market with the launch of IPSM – a comprehensive and fully grounded up solution that automates management of restricted and unrestricted Islamic investments (Savings Accounts, Deposit) including the computation, determination and Sharing of profits with highest level of transparency.

pennApps Islamic Profit Sharing is a comprehensive solution that enables you to systematically manage the restricted and unrestricted funds that are intrinsic to Islamic Banking and helps you in adopting effective management strategies to determine Mudarib deductions and other risk reserves such as “PER: Profit Equalization Reserve”, “IRR: Investment Risk Reserve” at optimal levels so as to achieve the right balance.

Rama Krishna Raju, CEO of Pennant Technologies says, “ Our association with leading Islamic banks for the last many years enabled us to understand the intricacies of the Islamic Investment Management and provided us deep domain insights. We truly understand the ground level operational challenges and the manual interventions required due to unique requirements. All these prompted us to develop the comprehensive solution with unmatched flexibility so as to achieve complete automation in line with unique requirements thereby gaining complete visibility of the overall process and highest level of transparency.”

Another differentiating factor of our solution is that it can work as a standalone system and the readily available interface connectors for leading core banking systems ensure hassle free integration.

“It’s exciting for all of us at Pennant as we were successful in developing a comprehensive suite for Islamic Finance with comprehensive product coverage and are in the process of implementing the same at a leading Islamic bank in the region. With the experience, we were able to complete this solution that truly addresses the operational challenges in the Islamic investment management especially the profit calculation and sharing,” says Pradeep Varma, Director of Pennant.

pennApps IPSM offers a perfect combination of processing automation and highest level of transparency that will surely give Islamic Banks, the technological edge, placing it several leaps ahead of competition.

About Pennant:
Pennant Technologies, dynamic and innovative software solutions and services company offers comprehensive suite of end-to-end business driven technology services and next generation software products covering all the functional areas of BFSI vertical. Pennant offers the right-fit and next generation products that address the unique requirements of banking. The suite of offerings includes Islamic Finance Factory, Cross Sell, Interactive Communication Manager, Notification Manager, Lending Factory, Direct Debit, Host Integrator, Utility Bill Pay and Business Continuity.

Pennant’s suite of solutions and services encompasses Enterprise Application Integration Services, Application Services comprising Application design, development, maintenance services and Consulting services comprising IT consulting and Business Continuity Management services.

Pennant empowers its customers to effectively address their business challenges with its deep domain expertise backed with excellent insights of local market dynamics and leveraging the latest technology advancements.

Mawarid Finance Goes Live with pennApps Interactive Communication Manager

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