Mawarid Finance modernises core banking with BML Istisharat

By Milan Rojan

Mawarid Finance has completed a major phase of its core banking transformation, implementing BML Istisharat’s Islamic ICBS core banking platform as part of its broader digital modernisation strategy.

The implementation has replaced the company’s legacy Oracle Flexcube core banking system following a vendor selection process involving more than 15 regional and international providers. Awarded in July 2025, the project has been deployed on Oracle Cloud Infrastructure (OCI) and has now gone live.

Rashid Al Qubaissi, Chief Executive Officer of Mawarid Finance, described the implementation as “a major milestone” in the company’s digital transformation journey and said the new core banking platform would provide “a secure and scalable foundation for future growth and fintech enablement.”

The new platform has supported Islamic retail banking and financing, wakalah deposit management, credit administration, payments and remittances, branch operations, regulatory reporting, and security and audit functions. Mawarid Finance has also completed the migration of customer data and integrated the platform with its existing channels and regulatory systems.

Hady Anan, Head of IT at Mawarid Finance, said: “The knowledge transfer and post-go-live support provided by BML has enabled our teams to confidently operate and support the new environment.”

The transformation programme has now entered its second phase, focusing on API-driven digital integration and FinTech enablement through Oracle Integration Cloud. The first FinTech integration has been scheduled to go live in August, while initiatives covering middleware modernisation, open banking readiness and digital ecosystem expansion have also progressed.

Separately, Mawarid Finance has partnered with FinTech start-up Fimple to deploy its core banking solution as a side-core banking layer, enabling the launch of embedded finance and Banking-as-a-Service (BaaS) offerings. The move has complemented the company’s wider digital strategy as it continues to expand its technology capabilities and strengthen its position in the UAE’s evolving financial services landscape.