Social Islami Bank Limited

The Bank

• Social Islami Bank Limited (SIBL) is one of the most prominent islami banks in Bangladesh. It was Social Investment Bank Limited and newly named as Social Islami Bank Limited.
• 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 88 branches and various delivery channels

Product & Services:

• Various types of deposit and investment accounts, financing trade, providing letters of guarantee, opening letters of credit, collection of bills effecting domestic and international transfer, leasing of equipment and consumer durables, hire purchase and installment sale for capital goods, investment in low-cost housing and management of real estates, participatory investment in various industrial, agricultural, transport, educational and health projects and so on.

Requirements:

• Because of the replacement need of the branch banking solution PCBANK to the centralized CIBS-Ababil, SIBL was in a very challenging situation. The data migration from one system to other and training of personnel to change the mindset from distributed branch banking to a centralized one were the most challenging part.
• Smooth transaction by banking software and effective data conversion.
• Implementation of a Centralized Islami Banking Software within a short limit frame

Result:

• Social Islamic Bank selected Ababil through International Tendering and after evaluating 4/5 local and international solutions. The main reason for such selection was true Sharia compliancy and prompt quality support.