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.

ABOUT LYST

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.