Azentio Software successfully delivered in record time its
Shariah-compliant profit calculation and distribution system for Bank of
Abyssinia’s Islamic window operations
Azentio’s Shariah-compliant profit calculation and
distribution system makes profit distribution highly efficient. With the
company’s AAOIFI-certified Islamic banking suite, BoA will be able to compete
with both Islamic banks and conventional banking methods of interest payouts,
in rates and customer satisfaction, reducing time-to-market for new products
and distribution of profits. All profit rate adjustments are made within the
confines of the rules of Islamic jurisprudence and handled automatically by the
system.
Mohammed Kateeb, Global Head of Islamic Banking and
President of Middle East & Africa at Azentio, commented, “We are proud to
support BoA, one of the leading private banks in Ethiopia, to achieve the
highest levels of transparency and complete automation to manage the restricted
and unrestricted Islamic investments, compute and share profits as prescribed
by the Shariah. iMAL*IslamicFinancing and iMAL*ProfitCalculationSystem were
integrated online with the bank’s existing core banking platform and are running
smoothly as standalone applications.
The approach we adopted during the implementation phase was
an innovative deviation from the normal one, enabling BoA to save the costly
process of migration iterations, frequent CIF and account updates maintenance.”
Abdulkadir Redwan, Director - Interest Free Banking at BoA,
said, “Islamic banking has been growing rapidly in recent years in Ethiopia.
Choosing the right technology partner was critical to stay nimble and move
fast.
We made a great choice in partnering with Azentio, because
of their in-depth experience, system understanding, vast industry expertise and
the team professionalism. This partnership will create an edge for our Islamic
banking operations to operate in a more Shariah-compliant manner and comply
with the National Bank of Ethiopia’s regulations.”