Al Arafah Islami Bank implements Internal Auditing System

Al Arafah Islami Bank Ltd has successfully implemented Ababil RBIAS: Risk-Based Internal Auditing System.

Ababil RBIAS is a pioneering software solution for Financial Institutions which was designed and developed by Millennium Information Solution Ltd, said a statement.

Ababil RBIAS works as a tool to help the banks evaluate branch and banks' position through risk grading by collecting and processing business risk data from CBS, control risk data-based on audit observation and core risk element data defined by Bangladesh Bank. 

It also assists auditors in scheduling, planning, executing, reviewing and reporting in a paperless manner. 

With the help of RBIAS, audit departments of all sizes will now be able to spend more time providing value-added services and less time in documenting and reviewing. 

Currently, a total of 14 banks and NBFIs are running their Islamic Banking operations and several other modules using "Ababil".