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  • Bank Muamalat Partners with Backbase to Strategically Lead Malaysia’s Next-Gen Digital Islamic Banking

    Malaysia kuala lumpur business news

    Powered by Backbase Engagement Banking Platform, Bank Muamalat objectives to launch a revolutionary Islamic Banking Super App

    KUALA LUMPUR, MALAYSIA – 20 May 2024 – In a strategic switch in course of turning right into a primary, next-generation digital Islamic Bank for all, Bank Muamalat Malaysia Berhad (Bank Muamalat) has launched a long-term partnership with Backbase, the worldwide chief in Engagement Banking. This collaboration, collectively with Mambu for its core banking transformation, marks an enormous milestone in Bank Muamalat’s journey to revolutionize its digital Islamic Banking decisions.

    Driven by their mission and the necessity to create an unmatched customer-centric experience, Bank Muamalat leverages platform experience to innovate in course of a unified Islamic digital banking experience, bridging silos, and standard banking practices. With the Backbase Engagement Banking Platform serving as a result of the anchor platform, facilitating end-to-end processes collectively with onboarding, transactions, financing, as well as to backend shopper servicing and engagement, Bank Muamalat is equipped to create customized and distinctive purchaser journeys with security, consistency, acceleration, and scalability.

    Central to the monetary establishment’s digital transformation is a recent digital Islamic banking great app geared towards enhancing its Retail Banking choices. This pivotal shift permits the monetary establishment to present personalized banking journeys, tailored to distinctive preferences of its shoppers, whereas empowering the monetary establishment with freedom and administration in putting their long-term imaginative and prescient into movement. The goal is to cater to the needs of varied clients in Malaysia previous typical banking firms, collectively with holistic life empowerment choices, from financial, faith and the added assurance of security and peace of ideas in every transaction. In addition, Bank Muamalat has set its sights on extending these enhancements to its enterprise and SME banking segments throughout the shut to future.

    Khairul Kamarudin, President & Chief Executive Officer of Bank Muamalat, talked about, “We are attentive to the current needs of our varied shopper base and are devoted to advancing financial inclusion and Islamic banking practices to additional trendy, customer-centric, and digitally progressive. The strategic advantage of the Backbase Engagement Banking Platform lies in its means to ‘undertake and assemble’, which aligns with our goal to launch the digital Islamic banking platform by the highest of the 12 months.”

    The seismic shift in course of quick technological developments is pushed by Bank Muamalat’s dedication to regular enchancment and innovation all through their merchandise, firms, and purchaser experiences. This transformation is anchored by eight strategic thrusts, amongst which are Accelerating Business Growth, Enabling Islamic Bank for All, and Enhancing Customer Centricity. These priorities underscore the monetary establishment’s mission to not solely meet nonetheless exceed the broadening needs and expectations of its rising purchaser base.

    Today, Backbase serves over 120 financial institutions worldwide, collectively with an rising number of Islamic banks paying homage to Libyan Islamic Bank, ila Bank, Bank Al Bilad, and Saudi National Bank. Backbase’s intensive worldwide attain moreover extends to important banks throughout the APAC space, collectively with ABBANK, BDO Unibank, Bank of the Philippine Islands, China Bank, EastWest Bank, HDFC Bank, JudoBank, OCB, Techcombank, and TPBank.

    Riddhi Dutta, Regional Vice President of Asia at Backbase, remarked, “Islamic banks, notably in Asia, are keen to enhance their digital banking choices to maintain aggressive. At Backbase, we’ve had the privilege of collaborating with Islamic banks all through the globe, gaining invaluable insights into their distinctive needs and challenges. Our Engagement Banking Platform is designed with flexibility at its core, offering pre-built journeys and microservices which may be customized to meet the distinctive requirements of Islamic banking. Our partnership with Bank Muamalat exemplifies our dedication to help Islamic banks of their digital transformation endeavors. Additionally, we keep a deep appreciation for Malaysia’s vibrant Islamic banking custom and dynamics, which stand as a beacon of innovation and progress throughout the worldwide Islamic finance sector.”

    Bank Muamalat’s holistic cloud-based transformation encompasses Backbase for progressive modernization and customer-centric Engagement Banking, and Mambu for digital core capabilities. Transitioning to a cloud-based model not solely enhances its banking firms and product decisions however moreover yields very important worth monetary financial savings and operational effectivity optimistic points. In addition, it empowers Bank Muamalat’s builders to velocity up software program program development cycles by leveraging Mambu’s digital core to meet regulatory requirements and fortify its security controls, vital for a financial institution.

    “Mambu is a key participant throughout the cloud-native core banking space, right now powering financial institutions all through 65 worldwide areas. As one among many first typical banks in Southeast Asia to embrace our cloud banking platform, we look forward to enabling Bank Muamalat to assemble progressive providers and merchandise, streamline IT processes, and craft distinctive purchaser journeys,” talked about Perminder Grewal Dallow, Director of Solutions Engineering at Mambu. “The endorsement from Bank Negara Malaysia, the regulatory physique for Malaysia’s financial sector, to advance this endeavor underscores the idea and assurance in every Mambu and Backbase. We look forward to a sturdy partnership with Bank Muamalat as a result of it modernizes its experience foundation.”

    In this transformative journey, Mambu performs a pivotal place as one in all Backbase’s important core companions. The synergy between Backbase’s Engagement Banking choices and Mambu’s core banking platform creates a sturdy foundation for banks of all sizes to liberate themselves from siloed, legacy cores and bear a holistic digital transformation. The Backbase and Mambu partnership ensures a seamless and future-proof transition to trendy banking necessities with a completely built-in, end-to-end cloud-native digital banking reply on an open construction. With this combined offering, banks are empowered to meet the evolving needs of right now’s digital-savvy clients and the broader banking ecosystem.


    Neel Achary

  • Sensex gains ground, banking stocks lead positive move

    Metal stocks lead spurt in Sensex

    Banking stocks lead spurt in SensexIANS

    BSE Sensex gained 500 factors on Monday led by banking stocks.

    Sensex was buying and selling at 74,248 factors, up by 518 factors. ICICI Bank and IndusInd Bank had been up greater than 2 per cent in commerce whereas Kotak Mahindra and Axis Bank had been up greater than 1 per cent.

    V.Okay. Vijayakumar, Chief Investment Strategist at Geojit Financial Services stated the main unfavourable available in the market continues to be the sustained promoting by FIIs, triggered by the excessive bond yields within the US. This promoting by FIIs, in each fairness and debt, will proceed to weigh on markets as long as the US bond yields stay excessive, which, in flip, shall be determined by the US inflation numbers.

    “ICICI Bank outcomes are superb. Impressive development in deposit and credit score and a decline in NPAs augur properly for the inventory. HCL Tech’s low steering of three to five per cent income development in FY25 will weigh on the inventory. Pharma and auto sectors will proceed to stay resilient,” he stated.

    Bombay Stock Exchange

    Bombay Stock ExchangeIANS

    HCL Tech is down greater than 5 per cent on Monday. HCL Technologies (HCLT) reported weak 4QFY24 efficiency, Motilal Oswal Financial Services stated.

    “While we count on some near-term stress on the inventory on account of weak FY25 income development steering, we proceed to count on the inventory to outperform its friends. We minimize our FY25-26 earnings estimates by 6-8 per cent to think about weaker-than-expected steering,” the brokerage added.

    (With inputs from IANS)

  • New Banking Rules 2024: There will be many changes related to your kitchen, money and bank from May 1.

    New Banking Rules 2024: There will be many changes related to your kitchen, money and bank from May 1.
    New Banking Rules 2024: There will be many changes related to your kitchen, money and bank from May 1.

    New Banking Rules 2024: The checklist of bills is ready first with the arrival of wage on the primary day of each month. From May 1, many guidelines related to your kitchen, money and bank will change. Saving account clients of Yes Bank and ICICI Bank will have to pay extra for the service. The value of LPG cylinder will be mounted. Check what changes will occur

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    New Banking Rules 2024: Many guidelines related to money change from the start of each month. On the primary date, the costs of LPG cylinder, CNG, PNG are mounted. Also, Yes Bank and ICICI Bank have elevated many prices of their financial savings accounts. That is, clients of those two banks will have to pay extra money than earlier than for some providers. Also, the deadline for the scheme being run by HDFC Bank for senior residents is May 10, 2024. In such a scenario, there may be much less time left to make investments. Let us learn about these guidelines..

    LPG cylinder value

    On the primary of each month, oil advertising and marketing firms determine the worth of LPG cylinder. Companies repair the costs of 14 kg home cylinder and 19 kg industrial cylinder. Besides, the costs of CNG and PNG are additionally mounted.

    Yes Bank’s financial savings account guidelines will change

    It has been mentioned on the web site of Yes Bank that the Minimum Average Balance (MAB) of various variants of financial savings accounts has been modified. The minimal common steadiness in Account Pro Max will be Rs 50,000. A restrict of Rs 1,000 has been mounted for the utmost cost. The minimal steadiness in Savings Account Pro Plus, Yes Essence SA and YES Respect SA will now be Rs 25,000. The most restrict of cost for this account has been mounted at Rs 750. Now the minimal steadiness in Saving Account PRO will be Rs 10,000. A most restrict of Rs 750 has been mounted for prices. These guidelines will come into impact from May 1.

    ICICI Bank guidelines will change

    ICICI Bank has additionally made changes in many varieties of providers and prices. The annual payment for debit card has been decreased to Rs 200. For rural areas it will be Rs 99 yearly. There will be no cost for a examine guide with 25 leaves in a yr. After that, Rs 4 will have to be paid for every leaf of the cheque. Charges will be levied on IMPS transaction quantity. It will be between Rs 2.50 to Rs 15 per transaction. It depends upon your quantity.

    Wecare FD for senior residents of HDFC Bank

    HDFC Bank can spend money on Senior Citizen Care FD until May 10, 2024. The bank offers additional curiosity of 0.75 % to senior residents. This is a bit more curiosity than your common FD. It is giving 7.75 % curiosity to senior residents on FDs ranging from 5 years to 10 years. This curiosity is on the market on FD of lower than Rs 5 crore.

    Also Read-

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  • Bank Holders Alert: HDFC banking service will remain closed for so many hours on this day..check details

    Bank Holders Alert: HDFC banking service will remain closed for so many hours on this day..check details
    Bank Holders Alert: HDFC banking service will remain closed for so many hours on this day..check details

    HDFC Bank Alert: If your checking account is in HDFC Bank, then there is a vital information for you. HDFC Bank mentioned that as a consequence of some necessary upkeep work, the financial institution’s web banking and cell app service goes to be halted for just a few hours on April 13.

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    In such a state of affairs, prospects will not be capable to do any work associated to the financial institution in the mean time. If you additionally should switch cash to somebody in an emergency, or do any necessary banking transaction, then know this necessary factor for your work.

    Money switch will not occur on this day

    HDFC Bank is sending a mail to its prospects informing them that from 2 am to 7 am on April 13, prospects will not be capable to use the financial institution’s web banking and cell banking app companies. The financial institution says that as a way to present higher banking expertise to the purchasers, the financial institution is doing upkeep work in its system, as a consequence of which prospects will not be capable to use the banking service for a while.

    HDFC Bank prospects will not be capable to do this work

    HDFC Bank mentioned that in these 5 hours, prospects will not be capable to use many banking associated companies – corresponding to account stability enquiry, deposit, fund switch (IMPS, UPI, NEFT, RTGS), account assertion obtain and cost companies.

    You will get full assist right here

    If HDFC Bank prospects face any downside throughout this interval, or require any help, they’ll contact the shopper assist workforce of the financial institution on 18001600/1800 2600.

    Also Read-

    Wrong UPI Payment: Wrong cash transferred via UPI? Know the strategy right here

    Good News for SBI Customers! Investment deadline prolonged in Amrit Kalash FD

    Income Tax Deduction: You can declare deduction within the new revenue tax regime, know what are the phrases and circumstances

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  • Bank on Sunday: This time banks will open on Sunday also, these banking services will be available in the branch

    Bank on Sunday: This time banks will open on Sunday also, these banking services will be available in the branch
    Bank on Sunday: This time banks will open on Sunday additionally, these banking services will be available in the branch

    Bank Holidays: This week, all the branches of all main banks are going to stay open on each Saturday and Sunday. RBI has issued a notification for this…

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    Every Sunday is a financial institution vacation in India. Apart from this, banks additionally stay closed on two Saturdays of the month. However, this week goes to show to be completely different. Banks are going to stay open on each Saturday and Sunday this week.

    Recent notification of RBI

    The Reserve Bank has issued a separate notification for this. In the notification issued by the Reserve Bank on March 20, 2024, it has been mentioned that each one the branches of all company banks will stay open on Saturday, March 30 and Sunday, March 31. This signifies that the branches of the banks on which this notification of RBI is relevant are going to stay open on Saturday and Sunday additionally this week. Employees of the affected banks are usually not going to get go away this weekend.

    There are holidays these days

    Under the present system, each Sunday is a vacation in all banks in the nation. Banks additionally stay closed on the second and fourth Saturdays of the month. The first, third and fifth Saturday of the month are working days for financial institution workers. Bank workers have been demanding a vacation on each Saturday for an extended time, however at current this has not been applied. Apart from weekend holidays, financial institution workers additionally get holidays in accordance with festivals.

    Due to this purpose you will not get go away

    The purpose for opening of banks on this weekend is the finish of the monetary 12 months. Actually the present monetary 12 months is ending on thirty first March. After that, the new monetary 12 months 2024-25 will begin from April 1, 2024. The final day of the present monetary 12 months is falling on Sunday. The Reserve Bank says that each one authorities transactions going down throughout the present monetary 12 months ought to be recorded in the accounts of this monetary 12 months. For this purpose, regardless of it being Saturday and Sunday, company banks have been requested to open all their branches on the final two days of the present monetary 12 months.

    All main banks will stay open

    Agency banks are these banks which settle authorities transactions. Agency banks embrace 33 banks together with 12 authorities banks. They embrace all the main banks together with SBI, PNB, Bank of Baroda, HDFC Bank, ICICI Bank. According to the notification of the Reserve Bank, these workplaces of the Central Bank which take care of authorities work will additionally stay open on Saturday and Sunday.

    All these services will be available in banks
    It has been mentioned in the notification that banks will do regular enterprise on each the days and will stay open as per regular timings. Normal digital transactions will work on each days. This signifies that each National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS) will be available until midnight of March 31. Check clearing services will additionally be available on each days.

    Rules change from 1 April 2024: From Fastag to Tax, NPS, these guidelines will change from 1 April, know the particulars

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  • SBI digital banking closed: These services including internet banking will remain closed today

    SBI digital banking closed: These services including internet banking will remain closed today
    SBI digital banking closed: These services including internet banking will remain closed today

    SBI Digital Banking: Crores of individuals within the nation depend upon SBI for his or her banking wants. In such a state of affairs, individuals could need to face hassle today…

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    Crores of consumers of the most important authorities financial institution SBI could need to face issues simply earlier than the Holi competition. In truth, digital banking services including the financial institution’s Yono app could remain disrupted today. Due to this, individuals could need to face issues in regular transactions.

    The financial institution has already alerted

    SBI is the most important financial institution in India when it comes to variety of prospects. Crores of individuals depend upon the services of SBI for his or her banking transactions. The financial institution had already issued a notification today, March 23, alerting it concerning the disruption in services. It had mentioned that its digital operations will be unavailable on March 23, which incorporates internet banking, cell app, YONO and many others.

    These services are going to be affected

    Information about this has additionally been given on the web site of State Bank of India. It has been instructed on the web site that as a result of scheduled actions, many services of SBI will be unavailable for a while on March 23. The services which will be affected embody Internet Banking, Yono Lite, Yono Business Web and Mobile App, Yono and UPI.

    there will be hassle for an hour

    However, it’s a matter of aid that the issue of non-availability of services is just not going to final for the entire day. SBI prospects could face issues just for a while throughout the day. According to the data given by the financial institution, the scheduled exercise time is ranging from 1:10 pm on March 23 and will finish at 2:10 pm. SBI services are going to be affected throughout this one hour solely.

    These 2 services will not be affected

    According to the notification, all services will proceed to perform usually on March 23 additionally until 1:10 pm. All services will begin working correctly even after 2:10 pm. During the intervening hour, you possibly can full your vital duties by way of UPI Lite or SBI ATM. The financial institution has mentioned that UPI Lite and ATM services will proceed to work even throughout scheduled actions.

    Kejriwal Arrest Update: Court despatched Kejriwal to ED custody for six days, subsequent listening to will be on March 28.

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  • Islamic Development Bank Institute Delivers Islamic Banking Capacity Building Program for Ethiopia


    Islamic Development Bank Institute Delivers Islamic Banking Capacity Building Program for Ethiopia

    JEDDAH, KSA: The Islamic Development Bank Institute (IsDBI) has delivered an Islamic banking capacity-building program for the Ethiopian banking sector. Organized with the theme, “Unlocking the Potential: Practical Insights for Islamic Banking Success”, the training program was held in Addis Ababa, Ethiopia from 4-7 March 2024.

    Over 35 senior management and board-level officials from several Ethiopian commercial banks participated in the program. The program was formally inaugurated by H.E. Solomon Desta, Vice Governor of the National Bank of Ethiopia.

    Focusing on competitive product development and strategic business growth through an enabled ecosystem, the training adopted a ‘train-the-future-trainers’ approach. The program was designed to help accelerate the growth of Ethiopia’s interest-free banking sector and contribute to national financial inclusion and economic development.

    The training sessions included interactive group work where participants from different banks collaborated to design innovative, Shari’ah-compliant financial products tailored to the local market while complying with the existing regulatory framework.

    Participants collectively discussed a strategic roadmap for the sector’s future growth. This roadmap considered current strengths and untapped potential within the banking sector, providing recommendations to various stakeholders on improving the ecosystem and facilitating the further expansion and inclusivity of interest-free banking in Ethiopia.

    The program was developed in-house by the IsDB Institute. The delivery was led by Mr. Syed Faiq Najeeb, Senior Islamic Finance Specialist, supported by a training consultant, Dr. Farrukh Habib.

    Overall, the program was widely appreciated by the participants as a much-needed capacity boost to the practitioners of interest-free banking products in Ethiopia. The training program formally concluded with closing remarks by Mr. Frezer Ayalew, Director of Banking Supervision at the National Bank of Ethiopia.

  • Strong show by Veranda RACE students in banking exams

    Chennai tenth January 2024: Students from Veranda RACE, a part of the Veranda Learning Solutions, delivered a robust show in the latest RRB (Regional Rural Bank) exams. The outcomes underscore the aggressive test-prep institute’s dedication to excellence and showcase a formidable success charge in each Tamil Nadu and Kerala.

    In Tamil Nadu, Veranda RACE students have excelled as they bagged 60% of the obtainable 33 vacancies in RRB PO (Regional Rural Bank Probationary Officer) class. Additionally, in the RRB Clerk exams, Veranda RACE students clinched 89 out of 171 vacancies, reflecting their unmatched dedication and preparation. Ms. Vishwapriya RV, who cleared the RRB PO exams from Tamil Nadu, praised Veranda RACE for his or her efforts. “Veranda RACE has been my guiding gentle all through this journey. Their customized steering, intensive research supplies, and rigorous mock assessments performed a pivotal function in my success. I’m grateful for the unwavering assist from the complete Veranda RACE workforce.”

    The success story extends to Kerala, the place Veranda RACE students showcased their prowess. In the RRB PO exams, out of 155 vacancies, 30 will probably be stuffed by Veranda RACE students. Moreover, in the RRB Clerk exams, a formidable 75 students from Veranda RACE cleared the exams, considerably contributing to the 430 vacancies in the area.

    Mr. Santhosh Kumar, CEO of Veranda RACE, expressed his elation, stating, “This outstanding achievement is a testomony to the dedication and arduous work of our students. At Veranda RACE, we’re dedicated to offering the best-in-class schooling and assist to empower our students for achievement in aggressive exams.”

    Veranda RACE continues to set new benchmarks in the sector of aggressive examination preparation, with a give attention to nurturing expertise and fostering success. As the outcomes reveal, Veranda RACE students aren’t simply passing exams; they’re excelling and securing prime positions in prestigious aggressive exams.

  • IndusInd Bank launches industry-first community banking program for Diamond Cohorts with ‘Indus Solitaire Program’

    Mumbai, December 16, 2023: IndusInd Bank right this moment introduced the launch of its ‘Indus Solitaire Program,’ a community banking initiative meticulously crafted for the diamond trade. This curated banking program will probably be supplied via Bank’s flagship branches in prime areas throughout numerous cities with focus in Mumbai and Surat and can present a spread of unique advantages alongside with distinct options and enriched choices to clients within the diamond trade.

    Through the ‘Indus Solitaire Program’, IndusInd Bank is all set to supply an entire gamut of tailor-made banking companies for the Diamond Industry, that features 24*7 locker entry at particular branches, add-on household accounts, debit and bank cards that come with membership advantages at top-tier accommodations, concierge companies, complimentary golf classes and film tickets, zero cross-currency mark-up price on international trade, complimentary lounge entry, alongside with an interesting rewards construction and abroad hospitalization protection on bank cards and customised diamond trade worker wage account.

    Furthermore, this program affords a devoted relationship, service and wealth supervisor for handholding clients and offering them help for their various monetary wants. In alignment with the launch of its ‘Indus Solitaire program’, IndusInd Bank has additionally launched its new department on the Surat Diamond Bourse yesterday, a diamond commerce centre positioned in Surat and in addition the world’s largest diamond buying and selling hub and largest workplace constructing. The flagship department of IndusInd Bank will present elite banking companies to the diamond community in Surat, which can cater to their enterprise wants in addition to particular person monetary wants.

    Speaking on this announcement, Mr. Soumitra Sen, Head – Consumer Banking & Marketing, IndusInd Bank, stated, “At IndusInd Bank, it’s our fixed endeavour to introduce personalised experiences for our valued clients; it begins from getting the group to re-imagine banking in addition to how clients can handle their funds in essentially the most handy and seamless method. With a spread of customised companies, the Indus Solitaire Program stands as a testomony to our dedication in setting new requirements of buyer expertise. We consider in crafting monetary journeys that shine as shiny as a diamond.”

    Mr. Bijayananda Pattanayak, Head – Gems & Jewellery, IndusInd Bank, stated, “We are thrilled to introduce the ‘Indus Solitaire Program,’ a bespoke banking initiative curated completely for the discerning diamond community. This program goes past conventional banking, providing a really opulent monetary expertise within the coronary heart of Mumbai and Surat. Inspired by the individuality and brilliance of the solitaire diamond, the Indus Solitaire Program affords a fascinating mix of luxurious and performance.”


    Sujata

  • Sensex, Nifty remain flat as banking stocks’ poor performance

    At 11 am the Sensexwas up 11.28 factors or 0.02% at 66,029.09, and the Nifty was up 9.50 factors or 0.05% at 19,811.50.

    BSE Sensex openined 7 factors up at 66,027 factors on Friday. JSW Steel is up 1 per cent. IT shares are down, HCL Tech is down 1 per cent, Wipro is down 1 per cent, Tata Motors is down 1 per cent. 

    markets, sensex

    Indian inventory market graphic (Infographics : Pinaki Paul)IANS

    Nifty was up solely 8.82 per cent YTD, Nifty midcap index and Nifty Smallcap index was up 33.38 per cent and 41.66 per cent YTD.

    The dominant development available in the market this 12 months is the massive outperformance of the mid and small caps, says V.Okay. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. It is essential to grasp that Nifty is depressed by the poor performance of banks which have the most important weightage in Nifty.

    People walk past the Bombay Stock Exchange (BSE) building in Mumbai,

    People stroll previous the Bombay Stock Exchange (BSE) constructing in Mumbai,IANS

    The Nifty Bank index is sort of flat this 12 months with measly progress of 0.87 per cent, he stated.

    Banks are underperforming regardless of excellent outcomes as a result of they’re over-owned and sustained FII promoting is weighing on financial institution shares. Mid and smallcaps are under-owned and retail exuberance is essentially driving these shares. There isn’t any valuation consolation within the broader market however valuations are honest in giant caps, he added.

    Therefore, the following leg of the rally, pushed by institutional cash –both international and home — might be pushed by giant caps, he stated.

    (With inputs from IANS)