Brain Station 23 Limited has signed a contract with United Commercial Bank Limited (UCBL) for the implementation of its Islamic banking using Oracle Flexcube in order to upgrade the overall service management of the bank.
The signing ceremony was recently held at the head office of UCBL in Dhaka, read a press release.
With a reputation of developing high-quality fintech applications, Brain Station 23 is one of the leading software companies in Bangladesh working with large financial institutions and enterprises. Brain Station 23 will help implement and install Islamic banking on the Oracle Flexcube Platform with the support of Oracle Financial Services Consulting.
Brain Station 23, an authorised Gold partner of Oracle, aims to be an implementation partner of Oracle to support locally and internationally for Flexcube customisation. It will help earn more currency from international projects and save more currency through local customisation.
The implementation of this solution will take UCBL to an advanced level of real-time and comprehensive banking. It is also a significant move to digitalise different segments of the country's financial services and management.
Nabil M Rahman, deputy managing director of the bank, said, "Oracle Flexcube has a certification in Islamic banking. A profit-sharing ratio (PSR) mechanism is also available on the system. Moreover, Brain Station 23 is a local partner of Oracle. We are delighted to have the company as a partner in implementing the digital solution.
Brain Station 23's COO MJ Ferdous said, "We have been working as a technology partner for modernising UCBL's digital banking platform UNET for their retail and corporate users. We are also supporting UCBL and some other banks for internal process automation along with their custom software development support.
Among others, N Mustafa Tarek, deputy managing director of the bank; Md Khirkil Nowaz, executive vice president; Mohammad Ishrat Hossain Khan, senior vice president and the head of Islamic Banking; Kashef Rahman, first vice president of Information Technology division; SK Sunjur Ahmed, vice president; PMO, Farzana Afrin Tisha, head of Marketing; and Md Safiul Islam Khan, business development manager attended the programme.