An IPC customer since 2003, the Islamic bank is installing the technology infrastructure in phases. The upgrade of its trading positions to the IQ/MAX trader desktop is scheduled to begin shortly.
According to Stephen Phillips, IPC MD of Asia, Islamic banking has been growing at a rate of 25% over the past four to five years, and that growth is set to continue.
The deal with Bank Muamalat illustrates IPC’s expansion strategy in Asia-Pacific. In 2006, IPC opened two new offices in Kuala Lumpur and in Shanghai. IPC also has offices in Hong Kong, Tokyo, Singapore, Melbourne and Sydney.