Kurdistan International Islamic Bank for Investment and Development (“KIB”), a leading Islamic financial institution in Iraq, has embarked on a digital transformation journey with the adoption of iMAL, the industry-leading Islamic core banking platform from Azentio Software, a Singapore-headquartered technology firm owned by funds advised by Apax Partners.
The iMAL implementation will enable a robust digital foundation for KIB to achieve its growth strategy in Iraq and the region, by providing its customers with user-friendly, high-quality services and an omnichannel experience.
iMAL offers full compliance with AAOIFI’s Sharia and financial accounting standards. The latest version of the solution will help KIB cover all aspects of Islamic finance, investments, deposits, treasury, and capital markets, and will equip the bank to launch new and innovative Sharia-compliant products at an accelerated pace. This version also features advanced encryption and security standards to protect against even highly sophisticated electronic piracy attacks.
For a more comprehensive solution, Azentio’s Financial Crime Management and Anti-Money Laundering system will be integrated with iMAL. It will help KIB efficiently monitor all financial activities, combat potential financial crime and money laundering incidences in accordance with international regulatory and compliance requirements. It includes KYC, sanctions screening, holistic risk scoring capabilities and comprehensive case management with analytical and investigative tools to increase operational efficiency and help detect and report suspicious transactions.
Sheikh Salar Hakim, Chairman of the Board of Directors of KIB, said, “We selected Azentio based on its extensive experience in developing and implementing Islamic banking solutions at leading financial institutions around the world. Backed by Azentio’s iMAL, we are determined to move forward with our plan towards digital transformation that will ensure highly efficient customer service in Iraq and abroad, and which will improve our competitiveness exponentially. The omnichannel solution will accelerate customer onboarding and digital adoption, while simplifying our banking operations across channels, applications, and mobile phones.”
Krish Narayanaswami, Managing Director – Banking, Financial Services, and Insurance, at Azentio, said, “We are excited to collaborate with KIB to enable them to effortlessly scale their operations and launch innovative solutions that drive growth and improve customer experience. With its feature-rich portfolio, iMAL will help KIB address the stringent demands of digital transformation. The new version comes with exceptional features and functions that are imperative to operate according to the rules of the Islamic Sharia. All these will enable KIB to improve its operational efficiency across departments, divisions, and branches, while giving it the agility to expand its business and its customer base.”
