Product Approval and Repository System (PARS)

BNM has introduced new system called PARS in order to automate and simplify the product approval processes amongst the IBIs.  PARS is a system that facilitates online submission of existing and new Islamic Banking Products for approval via a secured web-based system. It is also a repository that contains the details of all Islamic banking products of IBIs.

The purpose of the application of PARS is to allow IBI users to interactively submit the product application using a web based application via the Internet. The application is user friendly and the user will be guided by the software driven mechanism.

In this application, users can submit new product application, save the application for work-in progress, update product information as well as reviewing application history. Each user will be assigned with access user id, password and access level which will enable him/her to conduct transactions within the system securely.

PARS has various functions which include the following:

i.    APPLICATION

Inside PARS the user will be able to see Application function. Application function enables user to key in data under several categories such as New Product, Variation and One-time Submission. Users need to determine what category they are looking for before they start key in the information.  IBI have to apply all these categories products to BNM to approve before they can launch and use the product.

ii.  NOTIFICATION

PARS also allows user to make a notification to BNM on a particular product. The notification function includes Withdrawal, Termination and Implementation Date. User can withdraw products that have been submitted to Approval Officer or BNM. User can also terminate products that have been approved by BNM. User can notify BNM on the proposed implementation date or change to a new date before launching a new product.

iii. MY TASKS

PARS has personalized the user activities through My Task functions. It consists of Saved Form, Correspondence and Returned Consultation.

·         Saved Form function enables user to save any work done in which the application form is yet to be completed and can be continued later. User can view and continue to fill up form by choosing file name in the Saved Form menu list.

·         Correspondence function enables user to view the product or modify the product information after corresponding with the Approval Officer.

·         Returned Consultation provides user the function to view the product that has been corresponded by Consultant as per user request.

iv.  STATUS

For easy monitoring, PARS has provided the user with Status function. Through Status function, it will display the status of product submission whether the product is currently with Approval Officer, BNM or Consultant.

v.  UTILITIES

User can use the utilities function to view the application history of the submitted product. Hence, the utilities function provides facility to change user password and to update user personal data. 

vi.  GUIDELINES

To keep the user in line with the direction and uphold the standardization in procedures, PARS has giving the user to access it thru Guidelines function.  Guidelines function provides a link for the user to view or upload relevant issued by BNM.

vii.  BULLETIN

To keep up to date with BNM, PARS has allowed the user to reach the information via Buletin function. User can view the bulletin function that has been uploaded by BNM for sharing information purposes that may consist of announcement or information on IBI products.

viii.  FEEDBACK

Two communications flat forms between the user and BNM is available through Feedback function. User can provide any comment or feedback to BNM by filling up the feedback from provided.

ix.  LOGOUT

For security purpose, user should log out from PARS properly. All the above functions enable IBI to manage the product accordingly.

If you have your own password, you could access the website thru:

https://sys1.bnm.gov.my/PARS/