Kurdistan International Islamic Bank taps Azentio for iMAL core banking platform

Partnership Kickstarted:
- Kurdistan International Islamic Bank (KIB) in Iraq has initiated a digital overhaul by partnering with Azentio Software, a technology firm based in Singapore.
Digital Transformation with iMAL:
- KIB will implement Azentio’s iMAL core banking platform to launch new Sharia-compliant products in finance, investments, deposits, treasury, and capital markets.
Security Measures:
- Azentio’s financial crime management and anti-money laundering (AML) system, including KYC, sanctions screening, risk scoring, and case management, will enhance KIB’s ability to mitigate suspicious transactions.
Operational Efficiency:
- Krish Narayanaswami, MD of Azentio, states that the platform will improve operational efficiency across KIB’s departments, divisions, and branches, aligning with the demands of digital transformation.
Digital Transformation Plan:
- Sheikh Salar Hakim, Chairman of KIB, expresses the bank’s plan to move forward with digital transformation using iMAL, aiming to improve competitiveness with accelerated customer onboarding and simplified banking operations.
Return to Azentio:
- KIB, having previously used iMAL, has chosen to work with Azentio again, despite having signed for BML Istisharat’s ICBS core banking system in 2022.
Global Presence:
- KIB joins other banks like Tadhamon Bank in Yemen and Rammis Bank in Ethiopia in utilizing Azentio’s iMAL software.