DUBAI, UAE, May 22, 2013

The Islamic finance industry has unique IT requirements that require technology professionals to have some understanding of the processes around which Islamic finance products are based. Pennant Technologies, the financial IT specialist, today announced that it has signed on Ethica Institute of Islamic Finance in Dubai to train and certify its professionals in the core Islamic banking products. Ethica is the global leader in Islamic finance certification, now having certified professionals in 47 countries and over 100 institutions.

"We are excited to enhance our Islamic banking understanding in association with Ethica," commented Rama Krishna Raju, CEO at Pennant. "The addition of online Islamic finance education and related certification programs will give significant benefit to the Pennant's Islamic banking product engineering and implementation staff," added Pradeep Varma, Director at Pennant.

Ethica's spokesperson said, "There is growing awareness that IT professionals at banks need to know Islamic banking at least as well as the bankers, especially if they are creating the systems on which the products will be executed." The fact that an Indian IT company focused on the banking and financial sector is developing its resources in Islamic banking with Ethica also marks a landmark event for Ethica's exclusive partner in India, Infinity Consultants whose Managing Partner, Saif Ahmed commented that, "With this important step of investing in its people, Pennant takes the long-term view that Islamic banking and finance is an important market for the IT sector and we expect to see other India-based IT firms choose Ethica's training solutions."

Pennant develops enterprise level integration and business applications for the financial world and is now growing its expertise in Islamic finance. The professionals undergoing Ethica's training at Pennant will take part in a rigorous 4-month online training program followed by a certification exam. Ethica's Certified Islamic Finance Executive (CIFE) program takes newcomers to a high level of Islamic finance knowledge in an accelerated, practical program that focuses on what happens inside the bank, and less on the theory.

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