Kurdistan International Islamic Bank taps Azentio for iMAL core banking platform
Kurdistan International Islamic Bank for Investment and Development (KIB), a private bank in Iraq providing Sharia-compliant financial services, has kickstarted its digital overhaul by partnering with Singapore-headquartered technology firm Azentio Software.
Iraq’s KIB to use Azentio’s iMAL core
The partnership will see KIB implement the latest version of Azentio’s Islamic core banking platform iMAL, which the vendor says will enable the Erbil-headquartered bank to “launch new and innovative Sharia-compliant products at an accelerated pace” across finance, investments, deposits, treasury and capital markets.
On matters of security, the bank will also utilise Azentio’s financial crime management and anti-money laundering (AML) system which, featuring know your customer (KYC), sanctions screening, risk scoring and case management capabilities, will provide KIB with the agility and means to mitigate suspicious transactional activity.
Krish Narayanaswami, managing director of banking, financial services and insurance at Azentio, claims the platform will enable the bank to “improve its operational efficiency across departments, divisions and branches” while also adhering to the “stringent demands of digital transformation” as KIB expands its business lines and customer base.
Adding to this, Sheikh Salar Hakim, chairman of the board of directors at KIB, says that with iMAL, the bank will look to “move forward with our plan towards digital transformation” – a plan that Hakim thinks will “improve our competitiveness exponentially” with accelerated customer onboarding and simplified banking operations.
KIB had previously been a long-standing user of iMAL before signing for BML Istisharat’s ICBS core banking system in 2022, but now it seems the bank has decided to work with Azentio once again.
It joins the likes of Tadhamon Bank in Yemen and Rammis Bank in Ethiopia, among many others, in tapping Azentio for its iMAL software.
