Yemen’s Tadhamon Bank upgrades to latest version of Azentio’s iMAL core banking platform
Tadhamon Bank, an Islamic bank based in Sana’a, Yemen, has extended its partnership with Singapore-headquartered technology firm Azentio Software and upgraded to the latest version of its Sharia-compliant digital core banking platform iMAL.
Tadhamon Bank extends partnership with Azentio Software
Founded in 1996, the bank offers a mix of both retail and corporate banking services, including current and savings accounts, investment products and international trade services. It describes itself as playing a “key role in bridging the gap between modern banking requirements and the essential values of Islamic banking legislation” and has been running on iMAL since 2010.
Azentio’s cloud-enabled iMAL solution is capable of supporting retail, corporate and investment services while adhering to the requirements of both Sharia law and those set out by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
Azentio says that the latest version of its core software provides high data volume processing capabilities, new web services features and open banking compatibility, and will enable Tadhamon Bank to become a “digitally advanced bank”.
The bank hopes the upgrade will improve the agility and interoperability of its internal operations while enhancing its time to market for new products.
According to Qasem Mohammed, an IT manager at Tadhamon Bank, Islamic banking is “now on the cusp of a digital revolution”, and Tadhamon’s adoption of Azentio’s most recent core banking platform will enable it to meet “the ever-rising expectations of our customers”.
“The upgrade also includes several specific features that will help us smoothly adhere to the evolving regulatory regime governing Islamic finance”, he adds, describing this as “a critical requirement” in a “fiercely competitive segment”.
