Waafi Bank gears up for launch with Oracle FS tech
Waafi Bank, a start-up bank in Labuan, Malaysia, has gone live with a suite of banking technology products from Oracle FS.
India-based JMR Infotech, an integrator and partner of Oracle FS, worked on the implementation.
Waafi Bank implemented the Flexcube Universal Banking core system, Oracle Banking Payments, and Oracle Banking Digital Experience (OBDX) for delivery channels.
It also implemented the Oracle Financial Services Analytical Application (OFSAA) modules, namely anti-money laundering (AML), know your customer (KYC), and enterprise case management (ECM).
Waafi Bank is a digital-only bank that will operate in accordance with Shariah principles. It describes itself as “the future of Islamic digital banking”.
It also promises sustainable banking that aims to create a positive impact on the environment and community-based banking to facilitate financial inclusion.
The start-up says it is “living up to the spirit of Waafi, which means faithful, trustworthy and loyal”.