Kurdistan International Islamic Bank for Investment and Development (KIB), a prominent Islamic financial institution in Iraq, has initiated a digital transformation initiative through the adoption of the iMAL™ Islamic core banking platform from Azentio Software.
Azentio Software, headquartered in Singapore and owned by funds advised by Apax Partners, specialises in providing technology solutions.
iMAL™ aims to establish a robust digital foundation for KIB, aligning with its growth strategy in Iraq and the region. The platform is designed to offer customers user-friendly, high-quality services and an omnichannel experience. iMAL™ complys with the Sharia and financial accounting standards of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), covering various aspects of Islamic finance, investments, deposits, treasury, and capital markets. The solution equips KIB to launch new Sharia-compliant products efficiently and securely.
Azentio’s Financial Crime Management and Anti-Money Laundering system will be integrated with iMAL™ to enhance KIB’s monitoring of financial activities, and combat potential financial crime and money laundering incidents. The integrated system includes features such as KYC, sanctions screening, holistic risk scoring, and comprehensive case management.
Sheikh Salar Hakim, Chairman of the Board of Directors of KIB, expressed confidence in Azentio’s experience and iMAL™, saying, “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.”
Also speaking on the collaboration, Krish Narayanaswami, Managing Director at Azentio, sated “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.”
Narayanaswami touched iMALTM’s new features, “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.”
About Azentio Software:
Azentio Software provides mission-critical software products across the Asia Pacific, Middle East, Africa, and India, serving banks, financial services providers, insurers, and mid-market enterprises. The company’s flagship platforms include Azentio ONEBanking, Azentio ONECapitalMarkets, Azentio ONEInsurance, and Azentio ONEERP.
About Kurdistan International Islamic Bank for Investment and Development (KIB):
Established in 2005, Kurdistan International Islamic Bank for Investment and Development (KIB) is a leading bank in the Kurdistan region and one of Iraq’s most successful private Islamic banks. KIB focuses on Islamic banking and investment activities in adherence to Sharia principles under the supervision of the Central Bank of Iraq.
Source: APO Group