Page 32 - Banking Finance October 2015
P. 32
PRESS RELEASE
risk charges imposed on profit and loss sharing assets by RBL Bank selects Clover Infotech
Basel III regulations mean that Islamic banks, while
benefiting from greater prudential stability, will drift further for managing core applications
away from credit provision to the real sectors.
Clover Infotech manages 36 core applications
WIBC 2015 is set to gather all the key stakeholders - including a range of IT and banking applications
government, regulatory bodies, central banks, leading
Islamic banks, IFIs and multilateral bodies - to better RBL Bank has selected
understand how to marry standards to ensure global Clover Infotech to
compliance with adherence to core values. manage its core
applications. Clover Infotech has seamlessly taken over
Another key discussion point to be touched upon this from the existing vendor.
December is financial inclusion. Indeed, Islamic finance has
an opportunity at its hands given that the vast majority of The RBL bank is on an expansion plan and it has sought a
the Muslims do not have access to the banking system. Tirad technology partner with strong banking domain
Al-Mahmoud, CEO of ADIB, spoke to the fact that "Islamic knowledge and experience in managing wide range of
finance can also serve to increase financial inclusion for the software applications and infrastructure for banks.
72% of the Muslims who are unbanked. The challenge that
lies ahead is that there has been no significant plan to Emphasizing on this, Sanjay Sharma, Head - Technology,
reform Islamic banking with the aim of increasing financial Innovation & Customer Fulfilment, RBL Bank said, "We
inclusion." were looking for an IT service provider who understands
the banking domain and has extensive experience in
Making the case for tapping into this market segment, he managing critical applications for banks. We decided to
continues: "Given that the global Muslim population select Clover Infotech after seeing its portfolio of work in
represents at least a quarter of the global population and critical business applications management across leading
Sharia compliant assets of US$2 trillion represents only a banks in India. We believe Clover Infotech will seamlessly
small fraction of the total global financial assets, there is manage our key applications and the underlying
tremendous opportunity for Islamic banks to target this infrastructure to ensure business continuity at all times."
population thereby increasing financial inclusion." In Tirad's
view, the way to increase financial inclusion is for Islamic Based on the requirement from RBL Bank, Clover Infotech
banks to expand their "reach outside major urban centres has set up an expert team of IT consultants to provide
by investing in microfinance initiatives increase financial SLA based managed services for software applications and
inclusion is for Islamic banks to expand their "reach outside databases of the bank. Today, the team comprehensively
major urban centres by investing in microfinance initiatives supports 36 business critical applications for the bank and
and through alliances with the relevant governmental also the databases.
institutions."
Commenting on the development, Javed Tapia, MD,
Resolutions of the critical matters that the Islamic finance Clover Infotech said "We are pleased to have RBL Bank
industry faces will be moderated by Dr. Sayd Farook, Vice as the latest addition to our banking clients. Our team
Chairman and CEO of Middle East Global Advisors, the understands the importance of having critical applications
conveners of WIBC throughout its 22-year history. As such, and the underlying infrastructure up and running at all
it is perfectly apt that this year's WIBC, focusing on the times. We will ensure that the applications and
industry's assessment of its 40th anniversary, will take place infrastructure under our management perform as
under the theme 'New Realities, New Opportunities'. required and give the business users a very seamless
experience."
WIBC will take place on the 1st, 2nd and 3rd of December
at the Gulf Hotel in Manama, Kingdom of Bahrain. Clover Infotech's team helps the bank with UAT testing,
managing incidents, resolving technical problems,
deployment of patches and modification as per requests
and it also liaises with principal vendors for critical issues
and bugs in the system for a range of applications.
32 | 2015 | OCTOBER | BANKING FINANCE
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