ICB Islamic Bank signs deal to offer advanced banking system

ICB Islamic Bank Limited, formerly Oriental Bank, yesterday signed a Memorandum of Understanding (MoU) with Malaysia-based Silverlake Corporation (Silverlake) for the technologically advanced Islamic Core Banking System.
Abdul Latif Yahaya, chief executive officer of ICB Islamic Bank Limited and KP Tan, president of Silverlink signed the agreement at a hotel in Dhaka yesterday.
Under the agreement, Silverlake will provide the bank with Silverlake Axis Islamic Integrated Banking Software (SIIBS) license.
The software will facilitate Sharia compliant banking operations of the bank, said Latif.
He added, “Silverlake's SIIBS core banking solution will allow us to stay focused on our business. Its system-based functions coupled with the consolidated customer information, will also enable us to create more innovative ideas and concepts for new products and services which in tern will generate a wealth of new business opportunities.”
“This partnership will enable ICB to scale and expand their requirements according to the bank's growth, and free the bank to focus on their core business. Silverlake has been involved in Islamic banking industry for more than 10 years,” said Tan, president of Silverlake.
Hadenan Abdul Lalil, chairman of the bank, said the bank will tap into the lucrative and fastest growing Islamic banking markets which currently has a global business value of an estimated US $ 200 billion and is expected to grow at 13-16 per cent growth a year over the next 8-10 years.
Switzerland-based ICB Financial Group Holdings AG has bought majority shares (50.10 percent) of Oriental Bank at about Tk 350 crore ($51 million) early this year. The new owner of the majority stakes in the bank has taken over the management of the bank in March from the Bangladesh's central bank.
ICB is operating in 12 countries with 134 offices.