Synergies Banking & Financial Solutions Available for Purchase on SAP® App Center
By integrating with SAP HANA, Synergies Banking & Financial solutions from Lyst Technologies include
Islamic Core Banking, Universal Banking, Exchange & Transfer, Microfinance, as well as focused modules, such as Treasury, Risk Management, Investment Banking, Digital Banking, IslamicWindow, & Bankatakaful
Bahrain — May 17th, 2019 —Lyst Technologiestoday announced that itsSynergies Banking & Financial Solutions are now available for purchase on SAP® App Center, the digital marketplace for SAP partner offerings. Synergies Banking & Financial solutions are powered by SAP HANA® platform and deliver exceptional performance and reliability.
Naji Moukadam, Lyst Technologies CEO, commented, “We are pleased to be working closely with SAP on this ground-breaking technology. This is a great fit for the global financial industry and the Islamic financial industry specifically, extending the reach beyond legacy-based applications and solutions to handle extremely high-volume transaction processing requirements within a highly agile next-generation financial technology solution.”
The SAP App Center provides customers with real-time access to more than 1,900 innovative partner solutions that complement and extend their SAP solutions, enabling digital transformation of their business. SAP App Center customers can buy solutions directly from partners and centrally manage purchases, billing and vendor communications.
Unicore technologies belongs to the SAP PartnerEdge program, which provides the enablement tools, benefits and support to facilitate building high-quality, disruptive applications focused on specific business needs – quickly and cost-effectively. The program provides access to all relevant SAP technologies in one simple framework under a single, global contract.
About Lyst Technologies
LYST Technologies (www.lyst-tech.com) is a leading system integrator of world-class business solutions. LYST provides leading-edge technology solutions, addressing the ever-changing needs and demands of the Islamic financial sector. The company operates globally and focuses on powering the Islamic financial sector. LYST is a joint venture between Unicore Technologies and Catalyst group; Catalyst group is a wholly owned subsidiary of the Islamic Corporation for the Development of the Private Sector, a member of the Islamic Development Bank Group.
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Connectif partners with Lyst on Islamic finance platform
London – April 15, 2019
Connectif today announces the launch of its new, innovative Islamic finance platform, iWAVE, powered by Synergies Digital Platform, developed in partnership with Lyst.
iWAVE has been built to connect Islamic finance institutions to their counterparts through one central platform. Allowing master agreements to be negotiated, trades to be executed, and all post trade processes to be undertaken across the whole Islamic finance asset & liability product range.
iWAVE is built on the ground-breaking Synergies digital banking platform, and can be easily integrated into a bank’s existing infrastructure, or used stand-alone. The solution covers the complete value chain from front office to back office, whilst ensuring Sharia compliance.
The iWAVE functionality will be extended to support Islamic syndicated financing. Users will be able to source and participate in syndicated financing transactions either as arranger or syndicate member within the iWAVE platform. Future deployment of the iWAVE platform will also support the use of smart contracts and blockchain technology.
David Potter, Managing Director of Connectif said “We are very pleased to be releasing this product to the market, having had excellent feedback from industry participants during the development phase. We believe it will bring a host of benefits to the industry, from improved price discovery and transparency, hugely simplified operational processes and reduction of risk, along with the benefits gained by the use of new technologies, all the while ensuring Sharia compliance. We have chosen an excellent technology partner in Lyst and we have been impressed by both their speed of development and deep understanding of the marketplace.”
Naji Moukadam, Managing Director of Lyst commented “We are pleased to be working with Connectif on this ground-breaking solution. Our value proposition and digital platform is a great fit for Connectif’s requirements and we look forward to this successful relationship continuing over time. Our Synergies Digital Platform has been empowering and enabling the Islamic Fintech space while preserving the mandates required by financial institutions. Moreover, Synergies has been expanding during the last couple of years and is being recognized as the next generation Islamic financial technology solution.”
ABOUT CONNECTIF TECHNOLOGY Connectif Technology (www.connectif.tech) is a UK-based company focussed on delivering innovative solutions to the Islamic finance market, specifically in the area of asset and liability management. Allowing banks to better connect and communicate with each other and their clients, to deliver both improved
profitability and client service whilst reducing operational risk and costs, all the while ensuring Sharia compliance.
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ABOUT LYST TECHNOLOGIES LYST Technologies (www.lyst-tech.com) is a leading system integrator of world-class business solutions. LYST provides leading-edge technology solutions, addressing the ever-changing needs and demands of the Islamic financial sector. The company operates globally and focuses on powering the Islamic financial sector. LYST is a subsidiary of Catalyst group, a wholly owned subsidiary of the Islamic Corporation for the Development of the Private Sector, a member of the Islamic Development Bank Group.
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Lyst Technologies Releases Synergies as a Service to Speed Adoption
Bahrain – June 14, 2018
Lyst Technologies, the leading provider of next generation Islamic banking & Financial solution, today announced general availability of its Synergies Banking Solution for SaaS, i.e. Synergies as a Service, through AWS, Microsoft Azure and DigitalOcean cloud computing platforms.
The market for SaaS solutions is expected to reach more than $53 billion this year. As the growth of SaaS products continues, banking solutions are increasing as complex as their on-premise counterparts, making agility critical to cloud computing business success. Agility and easy solution adaptation engage banks and financial institutions and leads to more successful implementation. These outcomes help solve one of the primary reasons for canceled SaaS subscriptions: failure to adopt and use the product.
Synergies as a Service is a cloud-agnostic offering supporting any SaaS application, regardless of where it is hosted. Banks and Financial institutions access with one click from any browser, without the need for any set-up or installation. Banks and financial institutions can adapt the solution as they see fit. Separate model setup and full-featured solutions, such as: Synergies SME Banking, Synergies microfinance solutions and the Synergies Digital Platform are offered through Microsoft Azure Cloud Platform, where Synergies wholesale & Investment banking are offered through DigitalOcean Cloud platform and Synergies Universal banking through Amazon Web Services Cloud computing platform. “Synergies as a service Immersive banking is the most effective way to engage with banks and financial institutions and ensure they get value from newly adopted SaaS solution” said Shadi FEGHALI, CSO at Lyst Technologies. “Close partnerships with our customers have enabled us to provide high-agile features, ease of use and exceptional experiences that have made Synergies the leading Islamic financial inclusion enabler globally for on-premise applications, and now we’re extending these much-needed capabilities to the cloud.”
ABOUT LYST TECHNOLOGIES
LYST Technologies (www.lyst-tech.com) is a leading system integrator of world-class business solutions. LYST provides leading-edge technology solutions, addressing the ever-changing needs and demands of the Islamic financial sector. The company operates globally and focuses on powering the Islamic financial sector. LYST is a subsidiary of Catalyst group, a wholly owned subsidiary of the Islamic Corporation for the Development of the Private Sector, a member of the Islamic Development Bank Group.
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Afriland First Bank Establishes Islamic Banking Implementing Synergies Islamic Window Solution
Conakry – September 25, 2018
Afriland First Bank Guinea (Afriland) has completed a project to extend Islamic banking products and services to its retail and corporate segments. The bank established a comprehensive Islamic window supporting the total value chain of banking products and automation for the front and back offices including core banking branch automation, Islamic financing, Islamic deposits, compliance, central bank reporting, as well as internal and external system integrations. Afriland selected Lyst Technologies as its technology partner for its Islamic core banking solution.
Mr. Guy Laurent FONDJO, Chief Executive Officer of Afriland First Bank Guinea stated “Afriland made a strategic decision to enter into Islamic Banking. Various partners with proven track-record and experience were assembled to ensure the delivery of a Shari’ah compliant platform with robust capabilities, products and services tailored for clients desiring Islamic financing rather than a conventional offering. We deployed Synergies Islamic Window System and went with the system life in just 40 days which supports our notion of a comprehensive and configurable Shari’ah compliant software package meeting the unique needs of our financial institution.
Naji Moukadam, CEO of Lyst Technologies said, “Afriland had a clear vision of Islamic Banking and wanted to enter the market quickly while covering the total value chain of Islamic banking services. Lyst partnered with Afriland Guinea at a project level and launched Synergies in 40 days. We appreciate the leadership and commitment of Afriland team in launching the Islamic Window across all their branches in a record
time. Afriland is a leading bank with a strong culture of utilizing next-generation and agile technology and developing new products and services for its customers. We are proud to be supporting their vision and our role as their technology partner.”
ABOUT LYST TECHNOLOGIES LYST Technologies is a subsidiary of Catalyst group , a wholly owned subsidiary of the Islamic Corporation for the Development of the Private Sector, a member of the Islamic Development Bank Group. LYST provides leading edge technology solutions addressing the ever-changing needs and demands of the Islamic financial sector. The company operates globally and is based in Kingdom of Bahrain with regional offices located in 10 countries.
ABOUT AFRILAND FIRST BANK GUINEA Afriland First Bank Guinea is a universal bank that operates in all market segments: retail, corporate, institutional and public sector. It is the subsidiary in Guinea of Afriland First Bank group, a leading African Banking group. Afriland First Bank Guinea offers its customers a range of products and commercial banking services: financing, deposit and treasury management, payments, trade finance. of Islamic finance.
Afriland First Bank Guinea, a universal bank, is a subsidiary of Afriland First Bank Group, a leading African banking Group. It operates in all market segments : retail, corporate, institutional and the public sector, and offers customers a range of products and commercial banking services : financing deposit and treasury management, payments, trade finance and islamic. Afriland First Bank Guinea, the promoter of the MC2 Model, plays an active role in the eradication of poverty in Guinea. It has via the MC2 Model, has reached out to hundreds of thousands of youths, women and the disabled, who had been left out of the classical banking sector.
Mr. Karim NAJJAR, Media Relations Manager firstname.lastname@example.org
AAOIFI to conduct compliance testing of ‘Synergies
Bahrain - July 11, 2018
The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and Lyst Technologies (Lyst) have agreed to conduct testing of the Synergies Islamic Banking software leading to its compliance certification with AAOIFI standards. The agreement was executed by Mr. Omar Mustafa Ansari, Acting Secretary General of AAOIFI and Mr. Naji Moukadam, Managing Director of Lyst, after a series of meetings.
Mr. Ansari, said, ‘AAOIFI, by virtue of its mission and role in the preparation of Shari’ah and Accounting standards for the global Islamic finance industry, fully welcome and appreciate the initiative undertaken by Lyst Technologies to submit its Synergies Islamic Banking software for compliance testing with AAOIFI standards. The certification will boost regulator, investor, and public confidence in the operation and product-set of any financial institution seeking Shari’ah compliance upon deployment of the software.
Mr. Moukadam appreciated AAOIFI’s role in strengthening the Islamic finance industry through its standards and re-emphasized the need for and significance of AAOIFI certification for Synergies software and the global Islamic finance industry. He added, “The biggest threat facing the Islamic finance industry is the reputational risk, actual or perceived, related to Shari’ah non-compliance – and the only mitigating factor is the adherence to AAOIFI standards. We understand AAOIFI standards have either been adopted or adapted in no less than 21 jurisdictions and our objective is to serve these jurisdictions from a compliance perspective. As a next-generation software offering, Synergies seek to deliver increased security and control, high availability, reliable service, and agile feature-rich rapid integration.” Mr. Moukadam also stated, “Synergies Islamic finance software was developed bottom-up by industry veterans to ensure every issue related to Shari’ah compliance is addressed and reflected in the way the system operates. In addition, Synergies by virtue of its design, co-exists seamlessly with other core banking systems thereby providing an effective and working Islamic Window software solution for conventional banks.
Synergies is LYST Technologies next-generation universal banking technology solution which was developed for financial institutions requiring robust and agile functionality after considering the specifications of the Islamic finance industry.
Lyst Technologies is a subsidiary of Catalyst group, a wholly owned subsidiary of the Islamic Corporation for the Development of the Private Sector, a member of the Islamic Development Bank Group. LYST provides leading edge technology solutions addressing the ever-changing needs and demands of the Islamic financial sector. The company operates globally with regional offices located in 10 countries.