The solution will enable rapid time-to-market for new digital Sharia-compliant products.
Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, today announced that the latest version of its Islamic banking solution - iMAL, has gone live at Rammis Bank, a newly launched financial institution in Ethiopia specializing in Sharia-compliant products and services.
iMAL, the industry-leading digital Islamic core banking
platform, is also the first and only certified suite by the renowned Sharia
certifying body, the Accounting & Auditing Organization for Islamic
Financial Institutions (AAOIFI).
The go-live milestone was achieved on 25 March, after an
ambitious 30-day timeframe that saw the smooth implementation of Phase 1
modules including Branch Automation and Retail Banking. The new system will
allow Rammis Bank to open its doors for business and start operations.
Ali Ahmed, Chief Executive Officer at Rammis Bank,
commented, “Thanks to the diligent efforts and absolute commitment of the
Azentio team and Rammis Bank team, the iMAL implementation project was
completed within just 30 days, allowing us to commence operations much earlier
than we expected. Though we are a new entrant in the country, with iMAL’s
globally proven capabilities and Azentio’s enviable track record in
Sharia-compliant technology, we are confident of carving out a niche in the
interest-free segment in a short span of time.”
The implementation of the multi-award winning iMAL will
enable Rammis Bank to fulfil several critical technological prerequisites
necessary for its envisioned business growth. These prerequisites include
accelerating time-to-market for innovative products, streamlining processes
through the integration with various channels and third-party systems, and
enhancing customer experience. In addition to the expected operational
benefits, Rammis Bank looks forward to meeting its strategic objectives of
gaining a foothold in the Islamic banking marketplace and increasing capacity
to manage the demands of its evolving business.
Krish Narayanaswami, Managing Director - Banking, Financial
Services, and Insurance at Azentio Software, said, “We are very excited to be
partnering with an institution like Rammis Bank, keen on innovating and
providing interest-free products to its customers and efficiently managing
their customers’ digital banking experiences. We look forward to meeting their
strategic objectives with iMAL, which has consistently proved its merit in
blending effective digitalisation with the highest standards of Islamic banking
operations’ ethics.”
Phase 2 of the iMAL implementation at Rammis Bank will cover Islamic Financing, Islamic Pool Management, Treasury, Investments, Trade Finance, SWIFT Payments, ATM, Facility Management, and Digital Banking modules.