Transforming Financial Services: Islamic Banking Proof of Value delivery

Whether the goal is to establish a new Islamic bank, develop new Sharia-compliant products, or improve the technical performance of existing Islamic products and services, this offering leverages AWS tools, services and processes, and supports financial service organizations in implementing the necessary technology changes to do this while aligning with ethical banking standards.

• Enable the launch of fully Sharia-compliant banking products or an Islamic bank

• Support financial institutions in capturing new customer segments seeking ethical banking solutions.

• Enhance the technical infrastructure to ensure optimal performance and compliance.

• Drive Revenue: Access new customer bases interested in Islamic banking and ensure consistent revenue streams.

• Partnerships and Value Exchange: Identify and collaborate with strategic partners within the Islamic banking ecosystem (e.g. Sharia compliant capital provision, core banking or treasury).

• Technology Stack Optimization: Architect a robust technology stack to support Islamic banking offerings effectively.

• Aligning on the Sharia compliant product portfolio and wider business strategy

• Understanding Sharia-compliant technology implementation requirements and implications.

• Developing a future-proof architecture for Islamic banking.

• Ensuring architecture aligns with product and delivery strategies

• Prioritizing transparency and customer trust.

• Ensuring regulatory compliance with Islamic banking standards.

• Partner management within the Islamic banking ecosystem.

• Cultivating agility to adapt to the evolving financial services landscape.

• Proof of Value Implementation: Delivering an end-to-end, thin-slice implementation of a Sharia-compliant customer software delivery.

• Data Management and Analytics: Implement data strategies to ensure integrity and facilitate decision-making.

• Software Development: Develop the necessary software components (mobile, web, backend, etc.) to support the Sharia-compliant service.

• User Experience (UX) Design: Design a user-centric interface that prioritizes transparency and trust.

1. Platform Vision and Analysis

• Conduct thorough analysis of current workloads and infrastructure to identify gaps.

• Mobilize a product backlog tailored to Islamic banking requirements, ensuring Sharia-compliance.

2. Infrastructure as Code

• Utilize Terraform for creating infrastructure modules to support Islamic banking.

• Integrate infrastructure deployments into CI/CD pipelines for automation, ensuring rapid deployments.

3. Security and Compliance

• Implement AWS IAM for secure user access roles, ensuring principle of least privilege.

• Ensure compliance with Islamic banking standards through AWS GuardDuty, Security Hub, and CloudTrail for continuous monitoring.

4. Networking and Integration

• Configure secure VPCs and implement necessary AWS services like API Gateway, MSK, and EKS.

• Establish secure and reliable networking protocols to support seamless integration with existing systems.

5. Data and Monitoring

• Implement robust data management strategies with services like AWS S3, LakeFormation, and Athena for data integrity.

• Enable comprehensive monitoring through CloudWatch and other tools for real-time insights and alerts.

6. Operations and Disaster Recovery

• Ensure disaster recovery and operational resilience through AWS multi-region deployment strategies to maintain service availability.

• Conduct regular backup and recovery exercises to validate disaster recovery capabilities.

1. Phase 1: Initiation

• Kick-off workshops to define project vision and scope.

• Collaborative estimation with Product, Software Engineering, Data and delivery teams

• Set up initial infrastructure and secure environment.

2. Phase 2: Development and Integration

• Develop core Islamic banking products and integrate with AWS services.

• Conduct rigorous testing and validation of all components.

3. Phase 3: Go-Live and Iteration

• Deploy solutions and provide training to internal teams.

• Test and collect feedback for the Proof of Value implementation.

• Establish ongoing support and maintenance plan.

This comprehensive offering ensures financial service organizations can effectively deliver Islamic banking products, maintaining compliance and leveraging the latest AWS technologies, while providing a tangible, proof of value through a complete customer journey.