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Al Arafah implements internal auditing system

January 03, 2018 00:00:00

Managing Director of Al Arafah Islami Bank Ltd, Md. Habibur Rahman inaugurated the launching ceremony of implementation of Ababil RBIAS: Risk-Based Internal Auditing System as chief guest along with Mahmud Hossain, CEO & Managing Director of Millennium Information Solution Ltd. Abdul Malek Mollah, Director of Al Arafah Islami Bank was present as special guest.

Al Arafah Islami Bank Ltd has successfully implemented Ababil RBIAS: Risk-Based Internal Auditing System.

Ababil RBIAS is a pioneering software solution for Financial Institutions which was designed and developed by Millennium Information Solution Ltd, said a statement.

Ababil RBIAS works as a tool to help the banks evaluate branch and banks' position through risk grading by collecting and processing business risk data from CBS, control risk data-based on audit observation and core risk element data defined by Bangladesh Bank.

It also assists auditors in scheduling, planning, executing, reviewing and reporting in a paperless manner.

With the help of RBIAS, audit departments of all sizes will now be able to spend more time providing value-added services and less time in documenting and reviewing.

Currently, a total of 14 banks and NBFIs are running their Islamic Banking operations and several other modules using "Ababil".

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