AAOIFI certifies iMAL by Azentio for 2024 compliance

SINGAPORE, February 21, 2024 – Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, has announced that iMAL™ latest version and the company’s industry-leading digital Islamic core banking platform, has successfully completed the annual compliance exercise and received the certification for the year 2024 from the Accounting and Auditing Organization for Islamic Financial Institutions – AAOIFI, the world’s renowned standard-setting body for the Islamic financial services industry.

This certification is a categorical endorsement of iMAL™ continuous adherence to all the currently active AAOIFI Shari’ah Standards and AAOIFI Financial Accounting Standards, and affirms the commitment of Azentio’s forward-looking approach to ensure their clients get the best of technology that is scalable and compliant with those standards.

Azentio’s Shari’ah  Compliance team keeps track of newly issued standards and exposure drafts to ensure iMAL™ clients get a solution capable of offering products and services aligned with AAOIFI Standards and industry trends.

The latest version of iMAL™ comes with more security capabilities, and wider features to streamline processes related to taxation and reporting, with enhanced user-friendly dashboards and access privileges.

Omar Mustafa Ansari, Secretary General of AAOIFI, commented, “We are pleased to conclude the review of the latest version of iMAL™ for the year 2024, which was conducted to verify its compliance with AAOIFI Shari’ah  Standards and AAOIFI Financial Accounting Standards. iMAL™’s continued compliance with AAOIFI Standards serves to mitigate the likelihood of Shari’ah non-compliance risks and upholds and promotes transparency in financial reporting for Azentio’s clients, which include prominent Islamic financial institutions globally. We believe that our ongoing partnership with Azentio fulfils the requirements of at least 47 jurisdictions globally which recognise AAOIFI Standards in various manifestations, while also supporting the advancement of other jurisdictions.”

Sanjay Singh, Group CEO at Azentio, stated, “The Islamic financial services segment continues to witness impressive growth, therefore Azentio is as excited as the financial institutions in the segment, to have an opportunity to cater to the growing demand globally for Shari’ah-compliant products and services. Being awarded the compliance certification by AAOIFI since 2008 is a big achievement for Azentio and reaffirms our standing as pioneers in the global marketplace. This achievement restates our commitment to offer our clients the most valuable combination of latest software technology and Shari’ah-based processes. Any entity dealing with our clients, be it customers or partners, can rest assured that every relevant Shari’ah principle, is being faithfully and thoroughly followed by our clients.”

About AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)

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 180* active institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45* countries.

It has 123* standards and technical pronouncements in issue in the areas of Shari’ah, accounting, auditing, ethics and governance for international Islamic finance. 47* 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.

*As of January 2024

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