Al-Arafah Bank becomes the first in Bangladesh to own equity of its CBS Provider

Al-Arafah Islami Bank Ltd, a second generation private commercial bank (PCB) has acquired 51 per cent shares of Millennium Information Solution Ltd (MISL), one of the biggest software companies of Bangladesh.

Corporate insiders said the $ 2.0 million investment from Al-Arafah enabled the bank to become the equity partner of its Core Banking Solution (CBS) provider.

It is the first time development in the country's corporate history that a financial institution has become the owner of its CBS provider.

A Memorandum of Understanding (MOU) was signed in this regard between Al-Arafah Islami Bank Limited (AIBL) and MISL in the city Tuesday.

S.M. Shameem Iqbal, Vice Chairman, Board of Directors of Al-Arafah Islami Bank Limited was present as the chief guest in the ceremony.

Md. Habibur Rahman, Managing Director of the Bank and Mahmud Hossain, Managing Director of MISL signed the MOU on behalf of their own companies.

Mr. S.M. Shameem Iqbal said "This partnership will make the bank much more confident and flexible in adopting state of the art technology solution to become a new generation Islamic Bank."

Mr. Mahmud Hossain said "MISL, being one of the top ten (10) Islamic Banking Solution providers in the world (according to Gartner Inc.), made Al-Arafah Bank its equity partner to consolidate its position on flagship product 'Ababil' across the globe."

Md. Rezaur Rahman, DMD of the Bank, Mr. Mofazzal Hossain, Company Secretary, Mr. Muhammed Nadim ACA, Executive Vice President, Syed Masodul Bari, EVP, Mr. Fakruzzaman, Director of MISL,Mr. Mafuzur Rahman, Director of MISL, Mr. Nazrul Islam, Manager Finance and Mr. Md. Shamsul Haque, Financial Advisor were also present in the ceremony.