Azentio awarded AAOIFI’s certificate of compliance for iMAL™ R14.5

By Leandra Monteiro

Azentio Software, a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced that iMAL™ R14.5, the latest version of the company’s Islamic core banking platform, has successfully completed the annual certification review for the year 2022 by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the world’s leading Islamic finance standard-setting body.

This certification is tangible proof of Azentio adhering to existing and newly issued AAOIFI Shari’ah and Financial Accounting Standards for the recently acquired iMAL™ R14.5 by Azentio.

“AAOIFI is here to protect the integrity of the global Islamic finance industry through the means of standardization of best practices in the areas of Shari’ah, accounting, auditing, governance, and ethics. We are pleased to complete the review of the version 14.5 of iMAL™ for the year 2022 to ensure its compliance with AAOIFI’s Shari’ah and Financial Accounting Standards”, commented Omar Mustafa Ansari, Secretary General, AAOIFI. “By following and implementing AAOIFI standards in the right manner, we believe iMAL™ is mitigating Shari’ah non-compliance risks. Our continued collaboration is a testament to Azentio’s ongoing commitment of following best practices not only for itself but also for its clients which are the world’s leading Islamic financial institutions.”

Mohammed Kateeb, Global Head of Islamic Banking and President of Middle East & Africa at Azentio said, “For our core banking platform iMAL™ new version to be certified by AAOIFI, the world’s principal standard-setting body for Islamic finance, reflects our ongoing commitment to creating a truly differentiated value proposition. The latest advancement in financial technology has posed unprecedented challenges for incumbent Islamic banks to remain competitive. We are combining advanced technologies with deep knowledge of Islamic finance and embedding this into our new platform to help our clients transform, accelerate innovation, and achieve operational efficiency, while providing Shari’ah compliance assurance to the Islamic financial services ecosystem. We ensure a compliance mindset in our design and development efforts, and continuously challenge ourselves to provide a unique platform that meets or exceeds the needs and expectations of our clients, always complying with the AAOIFI and Shari’ah rules”.

iMAL™ core banking platform is a Shari’ah-compliant, digital-first, advanced and scalable software with open banking capabilities for modern Islamic financial institutions. Designed to allow Islamic banks to scale quickly using cloud or traditional infrastructure, the proven and trusted platform that is both flexible and cost efficient is the first choice for major Islamic banks setting up for growth. iMAL™ helps Islamic banks of all sizes reduce risk and improve profitability with the ability to launch a diverse range of innovative products rapidly, well ahead of the competition.