Oracle today announced that Bank Muamalat, the primary Islamic Bank in Indonesia, has selected Oracle Flexcube Universal Banking to streamline its core business processes ensuring productivity and agile business practice for Shariah Banking.
Bank Muamalat is the the first commercial bank in Indonesia to implement Islamic Banking principles in running the operation in Indonesia with more than 3 million customers and 380 offices across 33 provinces in the country and recently be the one and only Indonesian bank operating full branch in Malaysia.
The bank chose Oracle FLEXCUBE Universal Banking because of its proven success in adapting to meet regional banking demands and supporting Islamic banking business models
Oracle FLEXCUBE Universal Banking will standardize and automate business processes to generate consistent and reliable turnaround of transactions and customer service requests and with automated processing in place, Bank Muamalat expects to experience substantial improvements in operational efficiency
The new system will allow the bank to provide innovative products to its customers and meet the growing market demands, and use enhanced customer insight and simulations to deliver excellent customer service
By utilizing the scalable Service Oriented Architecture, Bank Muamalat plans to expand its business significantly and manage future growth in a competitive environment
Berca Hardayaperkasa has been chosen to support the implementation of Oracle FLEXCUBE solutions including certain technical services
Arviyan Arifin, President Director, Bank Muamalat, Indonesia - said: "Bank Muamalat always strives to be the leader in Indonesia Shariah Banking landscape by expanding our business and our portfolio to meet the demands of our customers in the country. We plan to triple our portfolio in five years time by offering a wide range of Shariah products and expanding channels quickly. With a comprehensive customer view, we will be able to improve customer satisfactions by providing a consistent and reliable turnaround of transactions and excellent customer service level. We selected Oracle because of its excellent reputation in delivering to regional bbanking demands including Islamic banking. Oracle provides us with a scalable platform that will allow us to grow in the future and expand our services further."
A Srinivasan, Vice President, Sales, Asia Pacific and Japan, Oracle Financial Services Global Business Unit & CEO, Oracle Financial Services Software Pte Ltd, said: "Indonesia experiences increasing momentum in the growth of Islamic Banking and Oracle is excited to be working with Bank Muamalat and expand our product footprint in Indonesia. Oracle FLEXCUBE's scalability and Islamic banking expertise will help the company grow its customer base and establish new products and services. We are confident that Bank Muamalat will benefit from Oracle's comprehensive product suite and support its vision to retain its market leader position."