Priya PatelKey points:
- Kurdistan International Islamic Bank for Investment and Development (KIB) in Iraq partners with Azentio Software for digital transformation;
- KIB will implement Azentio’s Islamic core banking platform, iMAL, to introduce new Sharia-compliant products;
Kurdistan International Islamic Bank for Investment and Development (KIB), a private bank based in Iraq that offers Sharia-compliant financial services, has partnered with Azentio Software. Under this partnership, KIB will implement the latest version of Azentio’s Islamic core banking platform, iMAL, as part of its plans to digitally evolve. The offering will enable KIB to introduce new and innovative Sharia-compliant products rapidly across various financial domains, including finance, investments, deposits, treasury, and capital markets.
Azentio’s iMAL software ensures compliance with the Accounting and Auditing Organization for Islamic Financial Institutions’ Sharia and financial accounting standards.
This updated version of iMAL incorporates state-of-the-art encryption and security standards, providing robust protection against even the most sophisticated electronic piracy attacks. In addition to digital innovation, the partnership will also address the critical aspect of security. The bank will leverage Azentio’s financial crime management and anti-money laundering (AML) system that equipped with features such as know your customer (KYC), sanctions screening, risk scoring, and case management capabilities. This will allow KIB to efficiently monitor all financial activities, combat potential financial crime and money laundering incidences in accordance with international regulatory and compliance requirements.
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.”
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.”
