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In March 2007, IPS SDN BHD obtained
the approval of Bank Negara Malaysia for the expansion
of its payment system network to establish an Islamic
Payment Switch (iPS).
The main objective of the iPS is the setting
up of Malaysia as the Islamic Banking Hub of the world,
supporting the electronic banking and financial services
of banks carrying on Islamic banking and finance, both
domestically and globally.
Via the iPS, all local and foreign
participating Islamic banks in Malaysia are able to
leverage on the ATM network to provide wider access
and convenience to their cardholders. It is anticipated
that in time, the iPS will provide an electronic payment
infrastructure that is integrated, secure, cost efficient
and expandable to significantly contribute to the development
of the Islamic financial sector.
The iPS will first establish its connectivity
to Kingdom of Saudi Arabia via Al Rajhi Bank’s network,
linking financial institutions in Malaysia to Madinah
and Mekah (the central focal for Islam) and subsequently
for Islamic banks in countries of Muslim population
such as Indonesia, Brunei, Pakistan, Bangladesh, etc.
Through our strategic alliance with global banks,
iPS will then connect to the Muslim countries above, for wider coverage
in kingdom of Saudi Arabia via Saudi Payments Network (SPAN) and
subsequently to GCC Links to better serve the Ummah and Islamic banking
community.
It is the aspiration of iPS to be the switch
to support electronic banking and financial services
for all Islamic banks in the world.
“As
the Islamic financial system becomes... (click here)
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