Kurdistan International Islamic Bank for Investment and Development (KIB), a private bank based in Iraq that offers Sharia-compliant financial services, has partnered with Azentio Software.
In this collaboration, KIB is set to implement the latest version of Azentio’s Islamic core banking platform, iMAL, as part of its plans to digitally evolve.
The offering will enable KIB to introduce new and innovative Sharia-compliant products rapidly across various financial domains, including finance, investments, deposits, treasury, and capital markets.
iMAL™ ensures complete adherence to AAOIFI’s Sharia and financial accounting standards. The most recent iteration of this solution is poised to enable KIB to comprehensively address all facets of Islamic finance, including investments, deposits, treasury, and capital markets.
Furthermore, it equips the bank with the capabilities to introduce a myriad of new and innovative Sharia-compliant products with an accelerated time-to-market. Notably, this updated version incorporates state-of-the-art encryption and security standards, providing robust protection against even the most sophisticated electronic piracy attacks.
The partnership extends beyond digital innovation, addressing the critical aspect of security. The Erbil-based bank will also leverage Azentio’s financial crime management and anti-money laundering (AML) system.
This system, equipped with features such as know your customer (KYC), sanctions screening, risk scoring, and case management capabilities, aims to provide KIB with the agility and tools necessary to mitigate suspicious transactional activity effectively.
This will allow KIB to efficiently monitor all financial activities, combat potential financial crime and money laundering incidences in accordance with international regulatory and compliance requirements.
Sheikh Salar Hakim, Chairman of the Board of Directors of KIB, said, “We selected Azentio based on its extensive experience in developing and implementing Islamic banking solutions at leading financial institutions around the world. Backed by Azentio’s iMALTM, we are determined to move forward with our plan towards digital transformation that will ensure highly efficient customer service in Iraq and abroad, and which will improve our competitiveness exponentially. The omnichannel solution will accelerate customer onboarding and digital adoption, while simplifying our banking operations across channels, applications, and mobile phones.”
Krish Narayanaswami, Managing Director – Banking, Financial Services, and Insurance, at Azentio, said, “We are excited to collaborate with KIB to enable them to effortlessly scale their operations and launch innovative solutions that drive growth and improve customer experience. With its feature-rich portfolio, iMALTM will help KIB address the stringent demands of digital transformation. The new version comes with exceptional features and functions that are imperative to operate according to the rules of the Islamic Sharia. All these will enable KIB to improve its operational efficiency across departments, divisions, and branches, while giving it the agility to expand its business and its customer base.”
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