Azentio Software’s iMAL goes live at Rammis Bank, Ethiopia

By Delisha Fernandes

Azentio Software, a Singapore-headquartered technology firm, announced that its Islamic banking solution iMAL, has gone live at Rammis Bank, a newly launched financial institution in Ethiopia specialising in Sharia-compliant products and services.

iMAL, a digital Islamic core banking platform, is a certified suite by the renowned Sharia certifying body, the Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI).

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 quickly.”

Implementing 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 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 its 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.”