KUALA LUMPUR, May 5 – Newly launched Commerce Tijari Bank Berhad (Tijari) has awarded a multi-million ringgit information technology contract to Microlink Systems Sdn Bhd.

The contract will see Microlink implementing its Syariah-compliant Microlink Banking Solutions (MiBS), an on-line real-time system that allows Tijari full access to a complete Islamic-based banking system with various financing and leasing products.

Microlink’s MiBS Islamic Banking Suite has been specifically designed for financial institutions and it is already used by many banks since its introduction in 1996. These include Bank Rakyat, EON Finance, Bank Pertanian, Bank Muamalat, Bank Pembangunan, Islamic Bank of Thailand and Brunei’s IBB At-Tamwil.

Some of the MiBS financial systems which will be implemented in Tijari include Islamic financing such as Bai Bithaman Ajil (instalment sale), Qard Al-Hasan (benevolent loan), Bai’ Dayn (debt trading), Istisna (sales by order), Bai’Inah (personal financing), Mudharabah (trustee profit sharing), Murabahah (cost plus/lump sum sales), Musyarakah (joint venture profit sharing), Hiwalah (transfer of debt) as well as Islamic Banking Portal.

At a signing ceremony, Dato’ Dr. Syed Muhamad Syed Abdul Kadir said, “The implementation of MiBS is critical in ensuring that our IT systems is able to run efficiently 24x7 and that we are equipped with a robust Islamic Financing system that is able to support business requirement to become competitive in the financial market place.”

“From the very beginning, we wanted a proven technology partner who could look after our needs and I am confident that the implementation of Microlink’s MiBS will lead Tijari to achieve customer service excellence, and a ‘one-stop centre’ for providing total Islamic-based banking products for our clients,” added Dato’ Dr. Syed Muhamad.

Tijari, which was officially launched by Tan Sri Dr. Zeti Akhtar Aziz, Governor of Bank Negara on April 15 is the new wholly owned Islamic banking unit of Bumiputra-Commerce Bank Bhd (BCB).

During the bank’s launch recently, Dato’ Dr. Syed Muhamad revealed that Tijari, which is headquartered in Kuala Lumpur, is set to open two branches this year -- Johor Baru in August and Penang by year's end.

He further said that Tijari aims to offer BCB’s four million bank customers with an immediate Islamic banking alternative, starting with deposit accounts and consumer financing.

Commenting on Microlink’s success, Datuk Ali Bin Abdul Kadir, Chairman of Microlink group said, “We are no doubt pleased to have been chosen by Tijari and we will work closely with them to ensure that our solutions run smoothly within the bank’s entire IT infrastructure.”

Microlink have commenced the implementation of MiBS in Tijari’s IT system late last year and the exercise is scheduled to be completed in six months.

Datuk Ali Bin Abdul Kadir added that the practice of Islamic Banking has been widely encouraged by the government for a long time now and the uptake by consumers is very encouraging.

He went on to say that the country’s positive development is in line with the global growth where according to Asian Banker, a financial service consultancy, Islamic banking has today been established in more than 100 countries, with an estimated US$300 billion in assets and that it is increasing by 15 percent a year.

On Microlink’s future plans, Datuk Ali Bin Abdul Kadir said, “I am proud to say that Microlink is one of a handful of local-bred company that has been successful in implementing Islamic banking systems within the country and abroad.”

The company is planning to market its Islamic banking products overseas especially in the Middle East, and one of the approaches it is looking at is to team up with local system integrators for co-marketing and co-development in this region.

About Microlink Systems Sdn Bhd
Microlink has established itself as a systems integrator, providing focused Information Technology expertise. Over the years, it has emerged as a specialist in the development and application of advanced technology, providing comprehensive and innovative solutions for the Core and Islamic Financial services. Value-added services are available through the Support & Maintenance Division, where a 24-hour Help Desk and personalised and comprehensive hardware, software and network support are there to assist clients in sustaining and increasing the productivity of their businesses. A world of 'Integrated, Islamic and Innovative Solutions'.

About Commerce Tijari Bank Berhad
TIJARI was officially launched on April 15,2005 as a full-fledged Islamic Bank incorporated under the Islamic Banking Act, 1983. It is a wholly owned subsidiary of Bumiputra-Commerce Bank Berhad. Although a new entrant to the Islamic banking scene TIJARI aims to contribute materially to the expansion of Islamic banking business by leveraging the resources of the parent company and Commerce Asset-Holding Berhad. Within five years, it aspires to be a regional player and to go international and to provide Islamic banking and finance solutions on a broad scale with a focus to the corporate and business sectors.