Silverlake Axis (SAL) has secured a contract to deploy a core banking solution for Malaysian Islamic banking unit Malaysia Building Society (MBSB).
Recently, MBSB acquired Asian Finance Bank (AFB) and have rebranded it as MBSB Bank. It has also started transferring its shariah compliant assets and liabilities to AFB.
The post-merger systems integration will begin after the transition from MBSB’s conventional Silverlake Axis Integrated Banking Solution (SIBS) to Silverlake Axis Islamic Integrated Banking Solution (SIIBS).
SIIBS will enable MBSB Bank to provide wide range of shariah compliant products and services to its retail banking, SME and corporate customers.
After completion of this transition, AFB’s core banking system will also be migrated to SIIBS.
SAL has decided to install digital solutions from Cyber Village (CVSB), Silverlake Digitale (SDS) and Silverlake One Paradigm (SOP) to implement shariah-compliant digital innovations at MBSB Bank.
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CVSB is a wholly-owned subsidiary of the SAL, while SDS and SOP are expected to become its units following the completion of closing conditions.
The contract is scheduled to be implemented within 12 months.
SAL expects that this contract with MBSB will contribute positively to its 2018 financial year results and subsequent financial years.