Thursday, November 21, 2024
8.5 C
New York

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.

Hot this week

Banking as a Service: Meaning, Examples, Benefits and Future

The push for open banking has led to a...

What is Fintech?

Fintech: A term used to refer to innovations in...

Best fintech blogs and websites

Fintech (financial technology) has been an interesting part of...

How to buy shares online

Buying shares online in India has come a long...

Is it worth investing in life insurance over 60?

Is it worth investing in life insurance over 60? As...

TrueLayer Cuts Workforce Amid Profitability Push and $50M Funding Boost

Workforce Reductions: TrueLayer, an open banking payments company...

Amundi Acquires Aixigo to Expand Wealth Management Technology Offerings

Strategic Acquisition: Amundi, Europe’s leading asset manager with...

Celero Commerce Acquires Precision Payments to Expand SME Payment Solutions

Acquisition Announcement: US fintech Celero Commerce has acquired...

Trust Payments Appoints Laurence Booth as New CEO to Drive Growth

Trust Payments, a leading London-based paytech company, has...

NatWest Partners with NCR Atleos to Modernize 5,500 ATMs

NatWest Group has expanded its collaboration with NCR...

Gate City Bank Partners with Alkami for Enhanced Digital Banking Solutions

Gate City Bank Embraces Alkami's Technology: North Dakota-based...

UK Government Unveils Strategy to Boost Financial Services Growth and Innovation

Driving Competitiveness in Finance: The new Labour government,...
Exit mobile version