10 January 2022
Dhaka | January 10, 2022
Rupali Bank Limited, one of the largest state-owned commercial banks in Bangladesh; having 583 branches, is implementing the internationally acclaimed Ababil NG Islamic CBS to introduce Islamic Banking services for its clients.
To materialize this, a simple project kick-off ceremony was held at the Rupali Bank Head Office in the presence of Md. Obayed Ullah Al Masud, MD & CEO, Rupali Bank; Mohammad Jahangir, DMD, Rupali Bank; Md. Shawkat Ali Khan, DMD, Rupali Bank; Khan Iqubal Hossain, DMD, Rupali Bank; S M Jahangir Akhter, CEO, Sonali Intellect; Mahmud Hossain, MD & CEO Millennium Information Solution Limited (MISL) and their respective teams. This paves the way for MISL to implement their award-winning, leading-edge Islamic Core Banking solution - Ababil for Islamic window banking operations at Rupali Bank.
With a quarter of the overall market share and twice the growth rate in comparison to conventional banking, Islamic Banking and Finance has become a rapid growth sector for Bangladesh, attracting innovation, investment, resources, and consumers at a greater pace than it has ever been over the last decades. Hence, the banking industry is also responding to the new paradigm by introducing Interest (Riba) free, equity-based banking products in order to ensure sustainable growth towards collective welfare.