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OFSS will win and AIB will be doomed.
AIB is a bank on the verge of collapse....downgraded by moody's.....their credit rating sucks and I bet AIB will be bankrupt in 1 month. Stock of AIB trades under 1 USD, yes you heard me right under 01USD - 75 cents - 89% down this year alone and down from peak of USD 60 few years ago. This bank is totally crap and making last attempt at making money wherever it can by sueing OFSS. The law suit will not hold and OFSS will win. You do not become world number 1 without proper planning, quality checks, customer handling, solid legal contracts.

Oracle takes Askari Bank Pakistan to the Cleaners

Flexcube core banking system was bought without tendering about three years back.
This contract was signed by the Incumbent president of Askari Bank Mr. M. R. Mehkari for purchase of this system.
The purchase of this system when it came for approval in the B.O.D meeting about three years back was strongly apposed by Mr. Afzal Munif at that time a minority director Askari bank but was over ruled by majority vote of YES MEN of B.O.D as all timely joyriders are sitting on the board of Askari Bank.

The Dissenting note of Mr. Afzal Munif was not recorded, but he is ready to testify to this as this was bought against great opposition.
This system with some other modules was purchased in connivance with Gen Zarar Azeem, & Nauman Bashir at a cost of 6 Million dollars plus with consultancy implementation and training and has gone above 10 Millions dollars.
Kick backs have been pocketed by the above and Askari Bank has been left with the dirty end of the stick.

The question arises when UNI-Bank system was available at no cost to the Bank and could have been upgraded with the additional development by in house software experts which was readily available at that time. Why this system was purchased in the first place?
Compare this system with the Islamic banking system of Askari Bank which is working very well and has just costed a fraction of what was paid for this flexcube.

Last 2 years annual report mentions that two branches went online with this new IT system that is F-8 and Blue Area branch Islamabad. And now this year report states that 19 branches are now on line.

On detail inspection and scrutiny of these branches it was found Daily Day end, month end, are not properly running, Unbalanced dummy’s inputs are used to balance the banks branch statements which is not reflective of the day to day working of the bank.

This system could not come online despite the passage of 2 ½ years. In the AGM of the bank held on 29th March 2011 the President has laid tall claims that by the end of this year December 2011 all branches will come online.
whether the branches come online by that time is a million dollar question, but by that time the employees and the bank would have en-countered sleepless nights and of-course the money which will flow under the bridge.

The main problem is in the contract executed with the suppliers instead of the development of system. The developer of the system are not readily available as they are in India and because of security clearance reasons. They cannot come to Pakistan hence meeting is done is Dubai at the cost of the bank funds.
This system is not user friendly and has intrinsic, esoteric and complex functionalities. Therefore, the system is not working well and is causing delays. The IT people manging these branches using this system are in a diabolical dilemma because at the end of the day the balance does not match and they have to stay late in the branch at the expense of their health and family life.

Recently oracle was sued by one of the end users company for non implementation see the link above.

Dr. Babur Zahiruddin

ORACLE CREATES A MIRACLE
TURNS DIMES INTO DOLLARS

In the Islamic Republic of Pakistan there is a sleepy town by side of the river Chenab by the name of Gujrat which is famous for the LYARI cows (MILCH Buffalos), ceramics / pottery, the folk lore of SOHNI MAHIWAL and off course the Chuadhry’s of Gujrat. But lately Gujrat attained notoriety and was put on the map of Pakistan because of a very peculiar and pecuniary scam.

Please remember the episode of Double Shah a man who was a loan shark and trickster who used to lure people to have their money deposited with him with the promise and bait that their money will be doubled and returned with in 01 month.

Many simpletons and gullible people of Pakistan fell for this scam and lost their life hard earned earnings and money as a result of this gag. This became the headlines and talk of Pakistan to such an extent that the Supreme Court of Pakistan had to take suo motto action on it.

What became the fate of the people who fell for this scam is another story, but the story which is now to be told and may make the headlines is, “TURNING DIME IN TO DOLLARS”. Thanks to the miracles performed by the flex cube system that they have beaten the record of Double Shah by doubling the money in 24 hours instead of 30 days.

The flex cube system which was bought by the incumbent president of Askari Bank Mr. M. R. Mehkari, at an exorbitant price of more than six millions dollars without any tendering or following the norms of public procurement procedure or transparency because of the kick backs involved has already been dealt in my previous article quoted below is the state of the art system which performs miracles and converts as the old saying goes dime into dollars in the wink of an eye but here it converts Pak Rupees into dollars and other foreign currencies.

Wow what a system it is, and envy of many is like a blessing in disguise for one client of Askari Bank who knew about the flaws of this system and by using the ATM of F-8, Branch of Askari Bank transferred Pak Rupees from one account to another dollar account / foreign currency accounts in the Blue area branch of Askari Bank and other branches of Askari Bank in Islamabad
Just imagine the joy and jubilation of this lucky nerd and clever client that his Rupees were converted in to dollars, Pounds, Riyals and Euros which he very conveniently withdrew from those account accounts and made hay while the sun was shinning at the expense of the poor management of Askari Bank who were at a loss to understand what was happening to them and how come they have been hit by cyber lightening.

About one month ago in my article Oracle takes ASKARI BANK TO THE CLEANERS……………………
http://punctiliouspakistani.blogspot.com/2011/03/oracle-takes-askari-bank-pakistan-to.html

I highlighted the flaws, anomalies and short coming of this system for which I was promised by certain people having interests in ORACLE of Pakistan that the flaws and anomalies of this system will be rectified as soon as possible.

More than two months have elapsed that nothing has been done in this regard and the employees of Askari Bank handling flexi cube are exposed to a diabolical dilemma and impasse because the day end and month end are not balancing at the expense of the over worked employees whose health and family life is suffering because of the fiasco created by the cyber monster which has been adopted by Askari Banks management.
This is another classical example of laundering and squandering of shareholders money who have put their faith in such an institution which has now been mired by malfeasance, in competency rape of merit and above all non professional hierarchy.

I request the State Bank of Pakistan and Securities and Exchange Commission of Pakistan to take immediate cognizance of the matter to restore the shareholders confidence and to salvage their hard earned investments.

Dr. Babur Zahiruddin
Share Holder
Askari Bank

ORACLE CREATES A MIRACLE
TURNS DIMES INTO DOLLARS

In the Islamic Republic of Pakistan there is a sleepy town by side of the river Chenab by the name of Gujrat which is famous for the LYARI cows (MILCH Buffalos), ceramics / pottery, the folk lore of SOHNI MAHIWAL and off course the Chuadhry’s of Gujrat. But lately Gujrat attained notoriety and was put on the map of Pakistan because of a very peculiar and pecuniary scam.

Please remember the episode of Double Shah a man who was a loan shark and trickster who used to lure people to have their money deposited with him with the promise and bait that their money will be doubled and returned with in 01 month.

Many simpletons and gullible people of Pakistan fell for this scam and lost their life hard earned earnings and money as a result of this gag. This became the headlines and talk of Pakistan to such an extent that the Supreme Court of Pakistan had to take suo motto action on it.

What became the fate of the people who fell for this scam is another story, but the story which is now to be told and may make the headlines is, “TURNING DIME IN TO DOLLARS”. Thanks to the miracles performed by the flex cube system that they have beaten the record of Double Shah by doubling the money in 24 hours instead of 30 days.

The flex cube system which was bought by the incumbent president of Askari Bank Mr. M. R. Mehkari, at an exorbitant price of more than six millions dollars without any tendering or following the norms of public procurement procedure or transparency because of the kick backs involved has already been dealt in my previous article quoted below is the state of the art system which performs miracles and converts as the old saying goes dime into dollars in the wink of an eye but here it converts Pak Rupees into dollars and other foreign currencies.

Wow what a system it is, and envy of many is like a blessing in disguise for one client of Askari Bank who knew about the flaws of this system and by using the ATM of F-8, Branch of Askari Bank transferred Pak Rupees from one account to another dollar account / foreign currency accounts in the Blue area branch of Askari Bank and other branches of Askari Bank in Islamabad
Just imagine the joy and jubilation of this lucky nerd and clever client that his Rupees were converted in to dollars, Pounds, Riyals and Euros which he very conveniently withdrew from those account accounts and made hay while the sun was shinning at the expense of the poor management of Askari Bank who were at a loss to understand what was happening to them and how come they have been hit by cyber lightening.

About one month ago in my article Oracle takes ASKARI BANK TO THE CLEANERS……………………
http://punctiliouspakistani.blogspot.com/2011/03/oracle-takes-askari-bank-pakistan-to.html

I highlighted the flaws, anomalies and short coming of this system for which I was promised by certain people having interests in ORACLE of Pakistan that the flaws and anomalies of this system will be rectified as soon as possible.

More than two months have elapsed that nothing has been done in this regard and the employees of Askari Bank handling flexi cube are exposed to a diabolical dilemma and impasse because the day end and month end are not balancing at the expense of the over worked employees whose health and family life is suffering because of the fiasco created by the cyber monster which has been adopted by Askari Banks management.
This is another classical example of laundering and squandering of shareholders money who have put their faith in such an institution which has now been mired by malfeasance, in competency rape of merit and above all non professional hierarchy.

I request the State Bank of Pakistan and Securities and Exchange Commission of Pakistan to take immediate cognizance of the matter to restore the shareholders confidence and to salvage their hard earned investments.

Dr. Babur Zahiruddin
Share Holder
Askari Bank