The solution will enable rapid time-to-market for new digital Sharia-compliant products
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SINGAPORE, May 25, 2023 - Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, today announced that the latest version of its Islamic banking solution - iMAL, has gone live at Rammis Bank, a newly launched financial institution in Ethiopia specializing in Sharia-compliant products and services.
iMAL, the industry-leading digital Islamic core banking platform, is also the first and only certified suite by the renowned Sharia certifying body, the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI).
The go-live milestone was achieved on 25 March, after an ambitious 30-day timeframe that saw the smooth implementation of Phase 1 modules including Branch Automation and Retail Banking. The new system will allow Rammis Bank to open its doors for business and start operations.
Ali Ahmed, Chief Executive Officer at Rammis Bank, commented, “Thanks to the diligent efforts and absolute commitment of the Azentio team and Rammis Bank team, the iMAL implementation project was completed within just 30 days, allowing us to commence operations much earlier than we expected. Though we are a new entrant in the country, with iMAL’s globally proven capabilities and Azentio’s enviable track record in Sharia-compliant technology, we are confident of carving out a niche in the interest-free segment in a short span of time.”
The implementation of the multi-award winning iMAL will enable Rammis Bank to fulfil several critical technological prerequisites necessary for its envisioned business growth. These prerequisites include accelerating time-to-market for innovative products, streamlining processes through the integration with various channels and third-party systems, and enhancing customer experience. In addition to the expected operational benefits, Rammis Bank looks forward to meeting its strategic objectives of gaining a foothold in the Islamic banking marketplace and increasing capacity to manage the demands of its evolving business.
Krish Narayanaswami, Managing Director - Banking, Financial Services, and Insurance at Azentio Software, said, “We are very excited to be partnering with an institution like Rammis Bank, keen on innovating and providing interest-free products to its customers and efficiently managing their customers’ digital banking experiences. We look forward to meeting their strategic objectives with iMAL, which has consistently proved its merit in blending effective digitalisation with the highest standards of Islamic banking operations’ ethics.”
Phase 2 of the iMAL implementation at Rammis Bank will cover Islamic Financing, Islamic Pool Management, Treasury, Investments, Trade Finance, SWIFT Payments, ATM, Facility Management, and Digital Banking modules.
About Rammis Bank
Rammis Bank is a recently established bank in Ethiopia, committed to providing an expanding range of Sharia-compliant, comprehensive products and services using cutting-edge technology, and a qualified workforce. The bank is particularly focused on serving segments of society that are excluded from traditional financial systems due to religious beliefs or other factors. The bank aims to become the hub of interest-free banking in East Africa.
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