Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Finance

Bank Muamalat Indonesia Completes Core Transformation for Shariah Banking with Oracle FLEXCUBE

Global Banking And Finance 1 News

Implementation Streamlines Core Business Processes for Future Growth and Innovation

News Facts

  • Bank Muamalat, the primary Islamic Bank in Indonesia, successfully implemented Oracle FLEXCUBE Universal Banking to streamline its core business processes ensuring productivity and agile Shariah Banking practices.
  • Oracle FLEXCUBE is now live across all of Bank Muamalat’s branches and e-channel network (ATM, EDC, etc) including mobile branches, covering its retail and corporate banking business, including treasury and trade, all in compliance with Shariah Laws.
  • Bank Muamalat has around 3 million customers and more than 450 offices across 33 provinces in Indonesia, 1200 ATM network as well as 50 mobile branches. The institution is the first commercial bank in the country to implement Islamic Banking principles into its Indonesian operations and, recently, expanded its operations with a new branch in Malaysia.
  • Bank Muamalat initiated a core banking transformation in 2011 to help meet its objectives of becoming the premier Islamic Bank in Indonesia by providing its customers with innovative products delivered across multiple, new age, channels in compliance with Shariah principles. Oracle FLEXCUBE was chosen because it fulfilled these requirements and provided a scalable and extensible platform for future growth. The implementation was completed well within time and within budget, with minimal customization, thanks to the built-in functionality for Islamic Banking in Oracle FLEXCUBE.
  • The implementation strategy consisted of a pilot project followed by Big Bang Implementation covering more than 450 branches, including the migration of 3 million accounts to the new core banking system and also e-channel migration.
  • By implementing Oracle FLEXCUBE Universal Banking, the institution has been able to improve business processes and significantly reduce processing times required for financial and administrative transactions. FLEXCUBE has helped to support 24-hour banking operations as well as enable enhanced customer insight and simulations to deliver excellent customer service.
  • Oracle FLEXCUBE offers a comprehensive Shariah-compliant back-office processing environment, including Mudharabah, Qard, Murabaha, Ijarah, Musharaka, Istisna, Salam, and Sukuk. It can standardize and automate business processes to generate consistent and reliable turnaround of transactions and customer service requests.

 Supporting Quotes

  • “Bank Muamalat is pre-eminent in the Shariah Banking landscape of Indonesia. We are rapidly expanding our portfolio and business reach to meet the demands of our customers here and overseas. Oracle FLEXCUBE Universal Banking offers a reliable, scalable and high-performance core banking platform which is so vital to Sharia-compliant institutions like ourselves which aim to provide quick, consistent, and efficient customer services every time, all the time. The flexibility in-built in the system allows us to tailor our business process according to our needs now and in the future, thereby helping improve our operational efficiency. Ultimately it will also enable us to provide innovative products to our customers,” said Arviyan Arifin, President Director of Bank Muamalat, Indonesia.
  • “Indonesia is one of the largest markets for Shariah-compliant banking products and services. The key aspects of our leadership in core banking solutions are reinforced by this implementation of Oracle FLEXCUBE at Bank Muamalat: superior product functionality and a proven implementation methodology. We are proud to have a market leader such as Bank Muamalat as a customer, wherein we have been able to showcase our product and implementation capability,” said Chet Kamat, CEO and Managing Director, Oracle Financial Services Software Ltd.

About Oracle Financial Services Software Ltd
Oracle Financial Services Software Limited (referred to as “Oracle Financial Services Software”) (Reuters: ORCL.BO & ORCL.NS) is a world leader in providing products and services to the financial services industry and is a majority owned subsidiary of Oracle Corporation. Oracle (NYSE: ORCL) is the world’s most complete, open, and integrated business software and hardware systems company. For more information, visit www.oracle.com/financialservices

About Oracle
Oracle engineers hardware and software to work together in the cloud and in your data center. For more information about Oracle (NYSE:ORCL), visit www.oracle.com

Trademarks
Oracle and Java are registered trademarks of Oracle and/or its affiliates. Other names may be trademarks of their respective owners.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post