National Bonds in UAE selects iMAL to improve operational efficiency

By Leandra Monteiro

Azentio Software, a Singapore-based technology firm owned by funds managed by Apax Partners, announced that National Bonds, the Shariah-compliant savings and investment company owned by the Investment Corporation of Dubai, has selected Azentio’s Islamic Banking solution, iMAL, to support its quest to improve process efficiency, enhance internal controls and deliver an exceptional customer experience as part of its ambitious growth strategy.

Azentio’s iMAL is an Islamic banking and finance platform, and the first certified by AAOIFI (Accounting & Auditing Organization for Islamic Financial Institutions). The company’s scalable, flexible and unified platform will provide National Bonds with the business agility it requires and will allow it to meet Shariah compliance requirements, and ensure the faster roll-out of Islamic products and services, in addition to providing exemplary customer service. The platform will ensure that countless tasks are seamlessly automated, enabling configuration without additional programming capabilities, and delivering innovation and value for every user in the system, with reduced complexity.

Mohammed Qasim Al Ali, Group CEO of National Bonds, said, “Technology has led a monumental change in the world of finance. At National Bonds, we recognize the importance of adopting advanced technology as it helps us not only improve internal processes but also our speed to market and overall market standing. Our partnership with Azentio is another step in our journey of innovation and with Azentio’s Islamic Banking solution, we are expecting to drive successful transformation through better operational performance, which will benefit our employees and customers as well as our external stakeholders.”

Tony Kinnear, Chief Executive Officer of Azentio Software, commented, “Azentio is delighted to partner with National Bonds and support the UAE government’s initiative to continually strengthen the country’s financial sector. We are confident that the selection of Azentio’s iMAL solution will help National Bonds adapt quickly to evolving customer needs for innovative Shariah-compliant products and services and offer a superior level of service.”

The project implementation will be completed in two phases over a 12-month period. Modules to be implemented include Islamic Profit Calculation & Distribution, Business Process Management, Budgeting, Fixed Assets Procurement & Management, Customer Relationship Management, Reporting, and integration with National Bonds’ external systems and digital channels.