Rammis Bank live with iMAL core banking system from Azentio
Rammis Bank, a start-up Islamic bank in Ethiopia, has gone live with new core banking software, iMAL, provided by Azentio Software.
Azentio is a Singapore-headquartered technology firm owned by funds advised by Apax Partners and its flagship offering stems from Path Solutions, an Islamic core banking technology provider from the Middle East acquired in 2021.
iMAL is a long-standing solution with an established client based in the Islamic banking sector. It is also the first and only core banking platform certified by the Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI).
The vendor says the go-live milestone was achieved within a one-month timeframe, which saw the implementation of branch automation and retail banking modules (phase one of the project).
Phase two will cover Islamic financing, Islamic pool management, treasury, investments, trade finance, Swift payments, ATM, facility management, and digital banking modules.
“Thanks to the diligent efforts and absolute commitment of the Azentio team and Rammis Bank team, the iMAL implementation project was completed within just 30 days, allowing us to commence operations much earlier than we expected,” comments Ali Ahmed, CEO of Rammis Bank.
“Though we are a new entrant in the country, with iMAL’s globally proven capabilities and Azentio’s enviable track record in Sharia-compliant technology, we are confident of carving out a niche in the interest-free segment in a short span of time.”
Earlier, another challenger bank in Ethiopia, Hijra Bank, also signed up for iMAL.