UAE’s National Bonds taps Azentio for digital Islamic banking solution
Azentio Software has been tapped by the UAE’s National Bonds for its core banking solution, iMAL, as the latter looks to enhance its internal Shariah-compliant controls and boost its go-to-market speed for new products.
Azentio says its iMAL solution, which stems from the 2021 acquisition of banking tech vendor Path Solutions, will improve operational efficiencies and employee productivity at the savings and investment firm, which is owned by the Investment Corporation of Dubai, the investment arm of the Dubai government.
iMAL is a well-established core banking platform, certified by Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Azentio says its “scalable, flexible and unified” offering will allow National Bonds to meet Shariah compliance requirements and “ensure faster roll-out of Islamic products and services”.
Mohammed Qasim Al Ali, group CEO of National Bonds, says the platform will “drive successful transformation through better operational performance, which will benefit our employees and customers as well as our external stakeholders”.
Tony Kinnear, CEO of Azentio Software, adds the partnership will support the UAE government’s initiative “to continually strengthen the country’s financial sector” and help National Bonds “adapt quickly to evolving customer needs for innovative Shariah-compliant products and services”.
The project implementation will be completed in two phases over a 12-month period. The modules being implemented include Islamic profit calculation and distribution, business process management, budgeting, fixed assets procurement and management, customer relationship management, and reporting.