- 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.
