TOSAN: Making a Mark in Islamic Banking

In recent years, many Muslim countries have made arduous attempts to practice banking as per the Islamic norms, including Iran. In Iran, the government has mandated the financial institutions and banking sector to comply with Sharia rules and regulations, which makes it illegal to perform any banking operations violating the Islamic laws in the country. Today, Iran is one of the front-runners of Islamic finance and banking, and TOSAN is among the finance technology companies that facilitate banking institutions to abide by the norms of Islamic banking.

TOSAN is transforming the banking and financial institutions in Iran with its portfolio of Sharia-compliant banking and payment software solutions and services. TOSAN’s product portfolio includes Islamic core banking systems, payment and card solutions along with Islamic credit card system, virtual banking, and business intelligence systems. With its comprehensive product portfolio, TOSAN is currently the biggest private ecosystem of the country’s information and communication technology sector. The company is also one of the few Iranian companies which have been successfully exporting fintech enterprise software.

The banking and payment solutions provider works in partnership with the International Sharia Research Academy (ISRA) to ensure that its products and solutions comply with Islamic banking norms. TOSAN takes pride in its Sharia compliance, and continually invests in human capital and R&D to offer high-quality banking solutions to empower the conventional and Islamic banking sector.

The company is backed by a capable team of more than 2,800 employees and technical experts with extensive banking and finance knowledge and ICT development skills. In addition, TOSAN is supported by market-leading technology partners that help in offering a comprehensive portfolio of homogeneous services to its customers.

TOSAN focuses on continuously improving the quality of its products and services to cater to varied needs of its valuable customers. “We take every effort to provide improved services with the help of information technology infrastructure library (ITIL) methods and based on the feedback we receive from our customers,” says Rouhollah Fatemi Ardakani, MD, TOSAN. Relying on a completely independent and indigenous technology, TOSAN also ensures that its offerings are always aligned with the international standards. This vision has even enabled the company to qualify for international certifications such as ISO 20000 and 27001, encouraging it to further raise the bar and continuously provide high-quality services to clients.

Under the supervision of Ardakani—one of the most experienced business professionals in the Iranian banking industry, who is well acquainted with the financial technologies and related challenges— the company is growing stronger than ever. Today, TOSAN has over 50 products for the banking industry, foothold in more than nine countries, and a customer base of over 50 banks, financial institutions, and governmental bodies. Like previous years, the company recently participated in the 7th Annual Conference and Exhibition on E-Banking and Payment Systems where it demonstrated its products and services and also held specialized panels and workshops. For its continuous efforts to bring innovative products to the market, TOSAN was also awarded for the top product with Dr. Nourbakhsh Award at Central Bank of Iran’s Payment Systems Conference.

TOSAN’s vision is to join the top banking software providers and become the world’s largest provider of Islamic banking software solutions by 2020. The company seeks to export financial software products aiming to generate ten percent of TOSAN’s revenue from software export by 2020. By exporting its international standard banking software to clients in other countries, TOSAN eyes extensive growth in the international and regional markets.