system, and the conventional system, were written in PowerBuilder and developed using the PowerDesigner environment. The system runs on Microsoft SQL Server 2000/7 (Enterprise Edition) at the database level, with Oracle 8i Server (Enterprise) and Sybase Adaptive Server Enterprise RDBMS as the replacement databases. For the Islamic version of the system, back end Oracle support has been added. The offerings are supposedly highly parameterised, each being available either as a stand-alone solution or with any of the others. The current development environment includes N-Tier Architecture, Power-Builder Client OS, EA Server (Jaguar) application server, MS/SQL and Oracle. All the solutions had undergone an overhaul, optimistically dubbed ‘Project Goldmine’, which sought to integrate the various modules more closely with the back office to produce ‘Autobanker II’, launched at the end of 2003. The new Autocredit module had already been implemented at Prime Commercial Bank. Once completed, the bank intended to gradually implement Autobanker II to replace Autobanker I.
Success at home
During 2004 and 2005, in its home market of Pakistan, Autobanker continued to find buyers, albeit low-end. In November 2004, Network Microfinance Bank began its implementation of Autobanker II for its single branch, which opened in January 2005. The bank planned to implement more modules of the system as it grew. Autosoft’s first full Islamic banking win came towards the end of 2005, at Karachi-based Emirates Global Islamic Bank (EGIB), a start- up backed by the Sharjah royal family. The bank and supplier worked on the enhancements needed to Autobanker II and implemented the system in April 2006 in the bank’s head office. A further Islamic banking taker, Prime Commercial Bank, followed shortly after this. Autobanker ll required a number of modifications for it to comply with Shari’ah guidelines. The first phase comprised modules for mudaraba, murabaha, Islamic term deposits, ijarah wa iqtina, corporate ijarah, qard hassan and diminishing musharakah. Every product in this phase was verified against Shari’ah compliance reports. Phase two of the project involved making Autobanker ll comply with rules on Islamic certificates of deposit, musawamah, pool management, salam, and istisna. By May 2007, the first two of these items were live, and the remaining ones were in progress. Autosoft also reported that EGIB planned to roll out its attendance
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Yemen-based Watani Bank for Trade & Investment (which subsequently went bust) also signed a contract to implement the revamped system. Outside of the development arena, Autosoft attained ISO 9001:2000 status, thereby bringing its products and processes into line with international standards. In early 2004, Zambia-based Investrust Bank, already a user of Autobanker I, signed for Autobanker II. This good news was tempered by the fact that long- standing Autobanker user, Yemen Commercial Bank, had switched off the system following a change of management at the bank. A couple of months later, Pakistan-based Dawood Bank, a recently formed commercial bank that had acquired the Pakistan operations of Bank of Ceylon, opted to install Autobanker II to replace Bank of Ceylon’s I-flex-derived Microbanker. In fact, Dawood Bank became the first to go live with the rewritten system, including retail, treasury and trade finance, cutting over in September 2004. However, the bank did not choose Autosoft for its new Islamic operation which opened in 2006, with Sungard System Access’ Symbols taken for the core. Investrust’s project was delayed but the bank was expected to go live during 2005.
management system to its branches, and by early 2009 Autobanker was supporting 40 units as the bank grew. Although important, the successes continued to be with the small to medium-sized banks in Pakistan, with the larger banks tending to go elsewhere. Unfortunately for Autosoft, unlike its neighbouring Indian counterparts, its home market has tended to be fairly limited. To expand then, it is looking beyond its own borders. Consideration was given to the idea of opening a UK office. This is yet to materialise. Collaboration with companies in India, China, Bangladesh and Sri Lanka has also been considered. Lutfullah Khan also expressed the hope that Autobanker could prove attractive to some of the 10,000 local community banks in the US. Expansionary efforts have apparently focused recently on the emerging markets in Africa, both for conventional and Islamic banking, although the key focus remains the growth of Islamic banking in its home region. There were no new wins for Autosoft with the core of Autobanker in 2008. It sold its HR system to Naseeb Online Services. It also launched a budget management system, AutoBudget, and announced the completion of the first phase of an overhaul of its internet banking system, AutoWeb. Phase two, including financial transaction handling, was under development in the first half of 2009, with completion set for the end of the year. A long-awaited next win came in 2010, from Sindh Bank, a new entrant on the Pakistan market. Six
Islamic Report
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