– Latest version of iMAL to accelerate digital transformation and deliver a seamless omnichannel experience
SINGAPORE, Oct. 17, 2023 /PRNewswire/ — Azentio Software (“Azentio”), a Singapore-based technology company owned by funds advised by Apax Partners, today announced that Yemen-based Tadhamon Bank, one of the largest Islamic financial institutions in the Middle East and North Africa (MENA) region, has upgraded to the latest version of iMAL, Azentio’s industry-leading Islamic digital banking platform.
This cutting-edge version of iMAL, with its key enterprise functionalities and a flexible and agile core processing engine, will accelerate Tadhamon Bank’s transformation into a digitally advanced bank. iMAL’s multi-threaded capabilities at various levels will offer high-volume data processing capabilities and enable parallel processing of records. Its web services features will allow seamless integration with multiple connected channels. These features will maximize the agility of the bank’s internal operations, enable interoperability between systems, facilitate business scalability and accelerate the commercialization of new products. The bank can drive digital innovation and resource efficiency to create new opportunities for its business.
Qasem Mohammed, Head of IT at Tadhamon Bank, explained: “Our bank has been running on iMAL since 2010. We recognize the platform’s contribution to our successful journey to date. Islamic banking is now on the cusp of a digital revolution, and in In this context, with the upgrade to iMAL R14.5, we intend to leverage the best features of digital banking to meet the ever-increasing expectations of our customers. The upgrade also includes several specific features that will help us seamlessly adhere to the changing regulatory regime governing Islamic finance, a critical requirement for us in a fiercely competitive segment.
L Guru Raghavendran, Senior Vice President, Banking and Capital Markets at Azentio, added: “We are very proud of our long-standing collaboration with Tadhamon Bank and our role in its transformation into one of the leading Islamic financial services providers in the region. The “The bank’s transition to iMAL R14.5, a cloud-ready solution built on an open platform with extensive functionalities, is set to revolutionize digital banking for millions of customers, while maintaining the highest standards of Sharia compliance.”
Digital transformation is at the core of this update. Now, Tadhamon Bank can serve more regions in Yemen without adding new physical branches and can improve its service standards by offering frictionless customer experiences.
iMAL is the first and only software certified by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). Version R14.5 is cloud-enabled, fully scalable with an n-tier architecture, and supports open banking and digital transformation; provides a truly omnichannel experience, leveraging artificial intelligence (AI), blockchain and other new technologies. Click here if you want to learn more about iMAL.
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