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Sunday, June 17, 2007

"Bank upon us", says Millennium to Arafah

FE says
Al-Arafah Islami Bank Limited went online with Ababil, an Islamic Shariah compliant and centralised banking solutions, developed by Millennium Information Solution Ltd recently.A total of 22 branches out of 46 have been brought under software by the implementation team. Some of the branches of the bank have already started online operation successfully. The bank expects to bring its all branches under online operation with Ababil within next few months.Through the system a number of real-time delivery channels including ATM, POS, SMS banking, phone banking and internet banking will be made available for clients of the bank.The Shariah-based centralised and online operation of a bank with any locally-developed software is the first of its kind in the country.
Although I do not understand what is meant by a banking software solution which is 'Shariah compliant', hats off to Al-Arafah to have shown trust on a local IT services provider. Al Arafah has shown by parterning with Millennium that local IT companies have the necessary grey matter to implement a full fledged banking system for a large banking organization.

1 comment:

Anonymous said...

can anyone frm islamic banking enlighten us about shariah banking? we r now experiencing more banks r coming with this feature in their service like even hsbc !