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  Case Study-1
 
 

Al-Arafah Islami Bank Limited

The Bank

  • A leading Private Sector Islamic Bank in Bangladesh
  • Business Focus on Islamic Banking, Retail, SME/Corporate financing and Merchant Banking
  • It has made a positive contribution towards the socio economic development of the country with 119 branches and various delivery channels
  • 2nd largest Islamic Bank in the country.

Products and Services offered by the Bank:

  • Different deposit products including Demand Deposit, Term Deposit, various schemes (Hajj, DPS, Mohorana etc. under One Time and/or Recurring basis)
  • Car Loan, Mortgage Financing, Personal Financing, Student Loan, loans for Private Businesses, Syndicate loan

Special Features of the Bank:

  • All activities of AIBL are conducted under a profit/loss based system according to Islamic Shariah to get the nation rid of Usury.
  • During the year 2007, 70% of the income from financing activities has been distributed among the Mudaraba depositors

Al-Arafah's Requirements:

  • Arafah wanted a new generation and centralized Islamic Banking solution with all delivery channel facilities to cope with their business growth and to provide high quality one stop service to its valued client base. Previously they were using a branch banking solution in off line mode. The biggest challenge was the conversion of their huge volume of data from legacy system.
  • They also wanted to have the solution form a company having superb support and servicing facility through on site and 24/7 off-site call centre facility

Solution:

  • Arafah started searching for a true Islamic Banking solution in meeting their requirements in home and abroad in year 2004. Arafah by that time was using a branch banking legacy system supplied by a local vendor. They also were using a small module of Ababil for their Scheme Management system for various Term Deposit Schemes. Realizing the value of the module of Ababil, Arafah invited Millennium to install its core Islamic banking solution on test basis for a limited number of branches. They also invited two other local vendors to do the same. However, in the long run, they found Ababil to be their right solution catering to their current and future Core Islamic banking requirements. Millennium started deploying Ababil for the entire bank in January 2006. Within a year and half, all 50 branches of Arafah were migrated to Ababil and the entire system was running in a complete centralized mode. Now, Arafah is running its 113 branches under Ababil on its IBM RISC (P7 series) system in Data Centre (DC) backed by its Disaster Recovery Site (DRS).

 
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