Azentio partners with BankIslami Pakistan to enhance digital infrastructure with iMAL core banking solution upgrade

Azentio is pleased to announce the successful completion of the iMAL R14 core banking system upgrade at BankIslami Pakistan Limited, one of the leading Islamic banks in Pakistan. This strategic upgrade is a significant step forward in the bank’s ongoing digital transformation journey, allowing BankIslami to enhance its operational efficiency, improve transaction security, and meet the growing needs of its diverse customer base across the country. BankIslami, established in 2002, has built a strong reputation for providing a range of innovative financial services while living up to its mission of ‘Saving Humanity from Riba’. This upgrade positions them to continue to lead in the fast-evolving banking landscape of Pakistan.

The transition to iMAL R14 provides BankIslami with a powerful core banking solution designed to streamline banking operations and strengthen compliance with local and international regulations. The iMAL R14 upgrade is designed to support BankIslami’s continued commitment to providing Riba-free financial products, ensuring that they can offer a secure, innovative, and regulatory-compliant banking experience for their customers. With this upgrade, the bank can handle transactions more efficiently and provide better customer experiences through faster, real-time processing.

Rizwan Ata, President and CEO of BankIslami, commented: “The successful implementation of iMAL R14 marks a pivotal moment in our journey towards digital excellence. Not only does this upgrade improve our operational efficiency, but it also strengthens our mission to offer Riba-free banking solutions to our customers in line with Islamic financial principles.”

The successful upgrade to Azentio iMAL R14 was made possible through the partnership with Azentio, a global leader in financial technology solutions for the banking, financial services, and insurance (BFSI) sector. Azentio is dedicated to driving innovation through enabling technology, with a focused presence across the Middle East, Africa, and Southeast Asia. Combining deep knowledge of Islamic financial principles with cutting-edge technology helps banks like BankIslami streamline operations and stay ahead of evolving industry demands.

Sanjay Singh, CEO of Azentio, said, “We are proud to partner with BankIslami in this important upgrade. Azentio iMAL R14 enables the bank to streamline its operations and further its commitment to offering Shari’ah-compliant financial services. We are excited to support BankIslami in their continued growth and digital transformation as they provide innovative banking solutions to their customers.”

The iMAL R14 upgrade empowers BankIslami to stay ahead of the curve by improving service delivery, increasing operational agility, and enhancing overall security. The system’s ability to handle complex banking operations and regulatory compliance requirements is critical in today’s dynamic financial environment. Azentio’s collaboration with BankIslami also ensures that the bank’s systems are aligned with evolving regulatory frameworks, offering scalability and flexibility to accommodate future growth. With its powerful suite of features, iMAL R14 is poised to enhance BankIslami’s banking services and strengthen its position in Pakistan’s competitive financial sector.

As a flagship solution, iMAL continues to drive Azentio’s growth in the Islamic banking sector, reinforcing its position as a market leader in Shari’ah-compliant financial technology solutions. The successful upgrade is a testament to the ongoing partnership between Azentio and BankIslami and sets the stage for further innovations and technological advancements in the years to come.