Shahjalal Islami Bank Limited Monday tied up with the local software giant Leads Corporation for purchasing BankUltimus- a locally made Shariah-compliant centralized core banking software.

The leading private commercial bank- which traditionally depends on local software for its core banking operation, says that the move would help the cause of further cost cutting in online IT infrastructure while generating more employment.

The two companies inked an agreement in this regard at a formal deal signing ceremony in the city on the day.

Managing Director of Shahjalal Islami Bank Limited Muhammad Ali and Managing Director of Leads Corporation Sheikh Abdul Aziz signed the deal on behalf of their respective parties.

"There are several advantages of using local software instead of the foreign ones from the point of view of the return on investment", said Muhammad Ali, Managing Director of SJIBL on the occasion.

"While the initial cost is around 80 per cent less for a local software compared to the overseas one, the subsequent maintenance cost is also minimal" he added.

Ali hoped that the adoption of the centralized integrated software would help his bank to achieve better transparency and accountability while expediting the whole banking operation.

"The software is compliant with Bangladesh Bank IT Policy guideline as well as BASEL- II" Leads Corporation,- the developer of the software informed.