Al-Arafah becomes first banking co to own equity of CBS provider - Share market analysis of dhaka stock exchange, Bangladesh
Black
White

Send This Page To Friends and Colleagues

You can Enter more than one email separated by (,)
Allowed 100 characters only
27 May, 2015 10:29 AM Source: The Financial Express Bangladesh
al arafah.jpg

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.

Add Comment | 0   comment

Readers Comment

Nothing found to display
page number 1

Add Comment

Please login first to comment Click here to login
Advanced Charts
Market Map
Real-Time Market Watch
Order Book Data
Stock Screener
LankaBangla Client Login
CSE iTrading
DSE iTrading

Stocks in Focus


Features for Registered Users

E-mail Alerts
Daily Newsletter
Your Watchlist
Advanced Tools
and
Many more

Will automatically display the last quotes you have visited here.

All Rights Reserved - DUInvest © 2013

Login

Do You have an Account ? , Click here to create a new account

Your Opinion Matters

What do you think about the new Website?