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2010 FROST
& SULLIVAN MALAYSIA TELECOMS AWARD
FOR
MOST INNOVATIVE APPLICATION OR PRODUCT
OF THE YEAR |
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Islamic Banking
Tawarruq Trading System (IBTTS) from IDOTTV
Sdn Bhd |
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IDOTTV Sdn Bhd (IDOTTV), a solution and
content provider specializing in the integration
of mobile technology solutions is the honourable
recipient of the 2010 Frost & Sullivan
Malaysia Telecoms Award for Most Innovative
Application or Product of the Year, for
its Islamic Banking mobile communications
trading application, IBTTS. |
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The Islamic Banking Tawarruq Trading System
(IBTTS) launched by IDOTTV is a Syariah
(Islamic Law) Banking compliant trading
system which allows users to trade telecommunication
airtime as a trading commodity. IBTTS has
since been acknowledged by the Islamic Banking
community as the first deployment of its
kind across the globe. |
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IBBTS was launched in August of 2009 and
amongst its key features is the ease of
operation for end users as it is an online
system that has fully automated the Tawarruq
processes. The system also provides notification
and responses to trading by means of Short
Messaging Services (SMS). Amongst the other
competitive features of IBTTS is the unlimited
supply of commodity and ease of liquidity
allowing easy trading on a per request basis.
Transactions also take place very quickly,
as transactions within the bank and traders
are completed within the day of the trade
request. |
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The key benefits for subscribers of IBTTS
include the low risk of trading due to stability
of price and high liquidity as airtime is
used by the general public as a daily need.
The service also offers an efficient trading
process as the entire Tawarruq system is
fully automated. Airtime trading requires
almost no overhead to the end user as well
as trading offices as it does not require
any storage space, brokerage fee nor transportation
costs, appealing to a broad spectrum of
existing and potential users. Furthermore,
the paperless nature of such transactions
makes it a green initiative. |
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As of the end of 2009, subscription and
utilization of IBTTS by IDOTTV include RHB
Islamic Banking as well as more than 200
successful loan applications totalling to
approximately RM4.7 million (~USD1.5million).
The total revenue generated by IBTTS has
contributed to approximately one quarter
(~25%) of the total annual revenue of IDOTTV
in 2009, an impressive feat considering
IBTTS was launched in the middle of the
year. IBTTS has contributed to the increase
in revenue of IDOTTV from 2008 to 2009,
which is approximately RM14 million (~USD4.4
million) and RM18 million (~USD5.6 million)
respectively. |
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About Best Practices |
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Frost & Sullivan Best Practices Awards
recognize companies in a variety of regional
and global markets for demonstrating outstanding
achievement and superior performance in
areas such as leadership, technological
innovation, customer service, and strategic
product development. Industry analysts compare
market participants and measure performance
through in-depth interviews, analysis, and
extensive secondary research in order to
identify best practices in the industry. |
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About Frost & Sullivan |
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Frost & Sullivan, the Growth Partnership
Company, enables clients to accelerate growth
and achieve best-in-class positions in growth,
innovation and leadership. The company's
Growth Partnership Service provides the
CEO and the CEO's Growth Team with disciplined
research and best-practice models to drive
the generation, evaluation, and implementation
of powerful growth strategies. Frost &
Sullivan leverages over 45 years of experience
in partnering with Global 1000 companies,
emerging businesses and the investment community
from 40 offices on six continents. To join
our Growth Partnership, please visit http://www.frost.com. |
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