Kurdistan International Islamic Bank for Investment and Development (KIB) has partnered with Azentio Software to embark on a digital transformation journey [780691c5]. KIB will implement Azentio's iMAL(TM) platform, which provides a robust digital foundation to support the bank's growth strategy in Iraq and the region [780691c5]. The iMAL(TM) platform is fully compliant with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)'s Sharia and financial accounting standards and covers all aspects of Islamic finance [780691c5]. Additionally, Azentio's Financial Crime Management and Anti-Money Laundering system will be integrated with iMAL(TM) to monitor financial activities and combat potential financial crime and money laundering [780691c5]. Sheikh Salar Hakim, Chairman of the Board of Directors of KIB, expressed confidence in Azentio's expertise in developing and implementing Islamic banking solutions [780691c5]. Krish Narayanaswami, Managing Director at Azentio, highlighted the feature-rich portfolio of iMAL(TM) and its ability to meet the demands of digital transformation [780691c5].
This partnership between KIB and Azentio Software demonstrates the growing trend of digital transformation in the Islamic banking sector [780691c5]. As technology continues to advance, Islamic banks are embracing digital solutions to enhance their operations, improve customer experience, and stay competitive in the market [780691c5]. The adoption of iMAL(TM) by KIB will provide the bank with the necessary tools and capabilities to drive its digital transformation and achieve its growth objectives [780691c5]. By leveraging Azentio's expertise and the comprehensive features of iMAL(TM), KIB aims to position itself as a leading Islamic bank in Iraq and the wider region [780691c5].
The implementation of iMAL(TM) will enable KIB to streamline its processes, automate operations, and offer innovative digital services to its customers [780691c5]. The platform's compliance with AAOIFI's standards ensures that KIB can maintain its commitment to Sharia principles and provide Sharia-compliant financial products and services [780691c5]. Additionally, the integration of Azentio's Financial Crime Management and Anti-Money Laundering system will enhance KIB's ability to detect and prevent financial crimes, safeguarding the bank and its customers [780691c5].
KIB's Chairman, Sheikh Salar Hakim, expressed confidence in the partnership with Azentio Software and the potential of iMAL(TM) to support the bank's digital transformation journey [780691c5]. He emphasized the importance of leveraging technology to enhance operational efficiency, improve customer experience, and drive growth in the Islamic banking sector [780691c5]. Krish Narayanaswami, Managing Director at Azentio, highlighted the capabilities of iMAL(TM) in meeting the evolving needs of Islamic banks and supporting their digital transformation initiatives [780691c5]. He emphasized that iMAL(TM) offers a comprehensive suite of features designed specifically for Islamic finance institutions, enabling them to stay ahead in the digital age [780691c5].
The partnership between KIB and Azentio Software reflects the increasing focus on digital transformation in the Islamic banking industry [780691c5]. As technology continues to reshape the financial landscape, Islamic banks are embracing digital solutions to enhance their competitiveness and meet the evolving needs of their customers [780691c5]. By adopting Azentio's iMAL(TM) platform, KIB is positioning itself for success in the digital era and reinforcing its commitment to providing innovative and Sharia-compliant financial services [780691c5].
Azentio Software, a Singapore-headquartered technology firm, has won three awards at the IBSi Digital Banking Awards 2024 [15b6c9e1]. The awards were for the successful implementation of the Azentio Banking Digital Lending platform at Consolidated Bank Ghana Limited (CBG) and the Azentio Banking Financial Crime Management (FCM) platform at Albilad Investment Company (Albilad Capital) [15b6c9e1]. The awards were presented at the Cedar-IBSi Digital Banking & AI Summit in Bengaluru, India on April 19, 2024 [15b6c9e1]. The IBSi Digital Banking Awards recognize excellence in technology implementations and innovations in the banking sector [15b6c9e1].