Azentio Software’s iMAL receives AAOIFI nod with compliance certification for 2024

By Gloria Mathias

Azentio Software has announced that the latest version of iMAL and the company’s digital Islamic core banking platform has completed the annual compliance exercise and received certification for the year 2024 from the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the world’s standard-setting body for the Islamic financial services industry.

This certification is a categorical endorsement of iMAL’s continuous adherence to all the currently active AAOIFI Shariah Standards and AAOIFI Financial Accounting Standards and affirms the commitment of Azentio’s forward-looking approach to ensuring their clients get the best of technology that is scalable and compliant with those standards.

Azentio’s Shariah Compliance team keeps track of newly issued standards and exposure drafts to ensure iMAL clients get a solution capable of offering products and services aligned with AAOIFI standards and industry trends.

The latest version of iMAL comes with more security capabilities, and wider features to streamline processes related to taxation and reporting, with enhanced user-friendly dashboards and access privileges.

Omar Mustafa Ansari, Secretary General of AAOIFI, shared, “We are pleased to conclude the review of the latest version of iMAL™ for the year 2024, which was conducted to verify its compliance with AAOIFI Shariah Standards and AAOIFI Financial Accounting Standards. iMAL™’s continued compliance with AAOIFI Standards serves to mitigate the likelihood of Shariah non-compliance risks and upholds and promotes transparency in financial reporting for Azentio’s clients, which include prominent Islamic financial institutions globally. We believe that our ongoing partnership with Azentio fulfils the requirements of at least 47 jurisdictions globally which recognise AAOIFI Standards in various manifestations, while also supporting the advancement of other jurisdictions.”

Sanjay Singh, Group CEO at Azentio, stated, “The Islamic financial services segment continues to witness impressive growth; therefore, Azentio is as excited as the financial institutions in the segment, to have an opportunity to cater to the growing demand globally for Shariah-compliant products and services. Being awarded the compliance certification by AAOIFI in 2008 is a big achievement for Azentio and reaffirms our standing as pioneers in the global marketplace. This achievement restates our commitment to offer our clients the most valuable combination of the latest software technology and Shariah-based processes. Any entity dealing with our clients, be it customers or partners, can rest assured that every relevant Shariah principle, is being faithfully and thoroughly followed by our clients.”