Digitising Islamic banking: Malaysia's Bank Islam signs new deal


Banking  - GraphicStock

Credit: GraphicStock


  Bank Islam Malaysia (Bank Islam) will lay the foundation of a digital banking platform across its entire network, a move seen as another step in digitising Islamic banking.

During the official announcement in Kuala Lumpur, Bank Islam's chief executive officer Khairul Kamarudin commented:  "Bank Islam will continue applying digital technology to our products and services, bringing greater accessibility to our customers, as well as simplifying and improving their banking experience with us."
Khairul said that digitalisation will help Bank Islam accelerate SME (small and medium enterprise) banking by providing business solutions for their operational as well as expansion needs. The objective includes speeding up services to the rural, underbanked segments and boost financial inclusion by overcoming cost and physical barriers.

By capitalising on digital technologies, Bank Islam will be able to transform Islamic banking as envisioned by Bank Negara Malaysia (BNM), he said.

To drive the new platform, Bank Islam has selected business technology provider Cognizant. The agreement was signed by Bank Islam's Khairul Kamarudin and Effendi Azmi Hashim, Malaysia business leader of Cognizant.

Adding his comments, Cognizant's head of Asia-Pacific, Jayajyoti Sengupta said: "For banks of the new digital economy, leadership is about delivering hyper-personalised products, services, and experiences to customers across channels by continually turning digital data into actionable insights."

The latest edition of this article lives at Computerworld Malaysia.