Social Islami Bank Limited (SIBL) has implemented a new core banking solution (CBS) within shortest frame in all its branches through adopting 'Ababil'- a fully locally developed centralized banking application. SIBL is using the core banking software solution that has been developed by Millennium Information Solution Ltd. (Millennium), an exclusively Islamic banking solution provider, in its head office and 64 branches across the country.
"This will add a new dimension to our banking system. There has been a strong demand for CBS by the central bank in the country and we are now responding to that," Kamaluddin Ahmed, chairman of SIBL, said. The objective for adopting 'Ababil' as its core banking application is for efficient and speedy processing with reduced cost and also to provide its valued clients with banking service in a centralized manner with maximum delivery channel facility, he added.
A project accomplishment celebration was held at SIBL's head office in city Saturday where high officials from SIBL and Millennium were present.
"While other banks take their banking solutions from the foreign IT providers, we take the risk of taking the service from a local one." Mohammad Ali, Managing Director of SIBL, said. The main reason is its cost effectiveness while foreign companies charge high, he said adding "Millennium has done it with a reasonable acquisition cost within the shortest time-frame for migration." It is also for promoting the local company which helps generate employment for IT-enabled youths of the country, he said.
"The main difference between other foreign companies and us is the time frame. We have done it within sixteen (16) months while others take a minimum time of two or three years," Mahmud Hossain, managing director of Millennium, told the press. He thanked the IT team of Millennium, whose dedication and hard work made it possible to implement the 'Ababil' quickly and efficiently. He also urges to patronize local software firm's products, which can be as good as its foreign counterparts.
Millennium replaced the SIBL's present distribution system "PC Bank 2000" with 'Ababil' with all required Islamic banking modules including trade finance, ATM, online CIB and integration with BACH, he added.
SIBL signed an agreement with Millennium for implementation of Ababil, the true Islamic Shariah-based centralized and online banking application, in September 2009.
He said Ababil, the flagship product of Millennium, is being used by four other banks- Al-Arafah Islami Bank, The City bank (for Islamic banking operation "Manaraah"), AB Bank Ltd. (for Islamic banking operation) and Agrani Bank Ltd. (for Islamic banking operation). Hajj Finance Company Ltd, a non-banking joint venture financial institution between Malaysia and Bangladesh, is also using its products.