SINGAPORE : Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, today announced that iMAL™ R14.5, the latest version of the company’s Islamic core banking platform, has successfully completed the annual certification review for the year 2022 by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the world’s leading Islamic finance standard-setting body.
This certification is tangible proof of Azentio adhering to existing and newly issued AAOIFI Shari’ah and Financial Accounting Standards for the recently acquired iMAL™ R14.5 by Azentio.
“AAOIFI is here to protect the integrity of the global Islamic finance industry through the means of standardization of best practices in the areas of Shari’ah, accounting, auditing, governance, and ethics. We are pleased to complete the review of the version 14.5 of iMAL™ for the year 2022 to ensure its compliance with AAOIFI’s Shari’ah and Financial Accounting Standards”, commented Omar Mustafa Ansari, Secretary General, AAOIFI. “By following and implementing AAOIFI standards in the right manner, we believe iMAL™ is mitigating Shari’ah non-compliance risks. Our continued collaboration is a testament to Azentio’s ongoing commitment of following best practices not only for itself but also for its clients which are the world’s leading Islamic financial institutions”, Ansari concluded.
Mohammed Kateeb, Global Head of Islamic Banking and President of Middle East & Africa at Azentio, said, “For our core banking platform iMAL™ new version to be certified by AAOIFI, the world’s principal standard-setting body for Islamic finance, reflects our ongoing commitment to creating a truly differentiated value proposition. The latest advancement in financial technology has posed unprecedented challenges for incumbent Islamic banks to remain competitive. We are combining advanced technologies with deep knowledge of Islamic finance and embedding this into our new platform to help our clients transform, accelerate innovation, and achieve operational efficiency, while providing Shari’ah compliance assurance to the Islamic financial services ecosystem. We ensure a compliance mindset in our design and development efforts, and continuously challenge ourselves to provide a unique platform that meets or exceeds the needs and expectations of our clients, always complying with the AAOIFI and Shari’ah rules”.
iMAL™ core banking platform is the world’s leading and preferred Shari’ah-compliant, digital-first, advanced and scalable software with open banking capabilities for modern Islamic financial institutions. Designed to allow Islamic banks to scale quickly using cloud or traditional infrastructure, the proven and trusted platform that is both flexible and cost efficient is the first choice for major Islamic banks setting up for growth. iMAL™ helps Islamic banks of all sizes reduce risk and improve profitability with the ability to launch a diverse range of innovative products rapidly, well ahead of the competition.
Azentio Software provides mission critical, vertical-specific software products for clients in banking, financial services and insurance verticals including key products such as Kastle™ (universal banking platform), iMAL™ (Islamic core banking platform), Amlock™ (compliance software suite), Premia™ Astra (core insurance software), Orion™ (enterprise resource planning software) and MFund Plus™ (asset management platform). Azentio has over 800 clients in more than 60 countries with a team of over 2,000 employees across offices in 9 countries globally.
Azentio Software Private Limited is wholly owned by funds advised by Apax Partners.
AAOIFI, established in 1991, and based in the Kingdom of Bahrain, is the leading international not-for-profit organization primarily responsible for the development and issuance of standards for the global Islamic finance industry.
AAOIFI is supported by over 146 active institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45 countries.
It has 113 standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. 43 regulatory and supervisory authorities (RSAs) in 36 countries around the globe adopt and / or recognise AAOIFI standards and technical pronouncements either fully, partially, as guidelines, as supplementary reporting or as a basis of development of local standards / regulations.
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