Thursday, November 7, 2024
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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.

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