BCA Syariah goes live with Thought Machine’s Vault Core
BCA Syariah is a subsidiary of Bank Central Asia (BCA), one of Indonesia’s largest banks.
Islamic Banking
News, intelligence and resources on the global fintech industry including topics such as islamic banking.
Arab Financial Services lands $50m investment
Last year, AFS agreed to power ila Bank’s prepaid Bahraini-denominated card offering.
Kuwait Finance House taps Gieom to digitise policy and procedure management
The integration will enable KFH to create role-based business process flows.
September 2024: Top five new launches of the month
FinTech Futures takes a look back at five of the top new product launches in September.
UAE challenger Ruya Bank partners Network International for digital payment capabilities
Ruya Bank entered the market this year with a suite of Shariah-compliant retail banking services.
Vision Bank launches digital banking app in Saudi Arabia
The Vision Bank app is currently available to customers on an invite-only basis.
Kuwait’s Boubyan Bank taps Temenos to modernise its core banking systems
The bank is migrating to Temenos’ core banking platform for corporate banking, retail, and wealth management.
Islamic finance start-up Ethos taps Thought Machine for core banking tech
The start-up will leverage the partnership to launch deposit accounts and home purchase plan mortgage services.
Kuwait’s central bank approves launch of new WAMD instant payments system
The system is facilitated by the K-Net national payment gateway under the supervision of the Central Bank of Kuwait.
Oman Arab Bank debuts new direct debit solution
OAB says its customers will no longer need to write checks or manually manage bill payments.
Bank Muscat’s Meethaq goes live with Temenos’ core banking tech
The bank claims to have migrated “over 200,000” customer accounts to the new cloud-based platform.
Bank Muamalat signs long-term partnership with Backbase for Engagement Banking platform
The Malaysian bank plans to launch a digital Islamic banking super-app “by the end of the year”.
Celebrating 25 years of innovation: Banking Tech Awards 2024 nominations now open
Nominations for the Banking Tech Awards 2024 are now officially open to companies worldwide!
SC Ventures invests in UK ethical challenger Algbra
As part of the deal, Algbra has also partnered with SC Venture’s climate-focused savings platform, Shoal.
Hybrid digital challenger Ruya Bank readies for debut in UAE
The challenger’s offering combines both digital Islamic banking services and physical community centres.
SAMA greenlights beta launch of STC Bank
The approval by the Saudi Central Bank will see the company transition from STC Pay to STC Bank.
Bank Muamalat signs multi-year partnership with Google Cloud to boost digital transformation
The bank has tapped Google for solutions in cybersecurity, data, marketing and AI, among other areas.
Egypt’s Alexbank partners Mastercard to advance payments strategy
The partnership will focus on expanding Alexbank’s acquiring business and credit card base.
Raqami Islamic Digital Bank in Pakistan partners Codebase Technologies for Digibanc platform
Raqami was granted in-principle approval to operate digital financial services in the country last year.
Africa and Gulf Bank partners Orion Innovation for Temenos core banking upgrade
The bank has opted to leverage Temenos Transact and Temenos Infinity for its digital upgrade.
Abu Dhabi Islamic Bank digitises cross-border services with ProgressSoft
The UAE-based bank has integrated the vendor’s PS-PayHub platform.
ICYMI fintech funding round-up: Fordefi, Mia Share, Kema, Coba and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
Kurdistan International Islamic Bank taps Azentio for iMAL core banking platform
The bank will also utilise Azentio’s financial crime management and anti-money laundering (AML) system.
Aeon Bank given the go-ahead to commence digital banking operations in Malaysia
The bank expects to roll out a Sharia-complaint banking app within the next six months.
Kuwait Finance House launches new youth-focused digital bank Tam
Tam offers a digital savings account, prepaid cards, student allowance management and local transfer services.
Al Rayan Bank goes live with Confirmation of Payee solution from obconnect
The PRA directed the bank last year to instate a CoP system by 31 October 2023.
Yemen’s Tadhamon Bank upgrades to latest version of Azentio’s iMAL core banking platform
The bank has been running on iMAL since 2010.
Al Rajhi Bank Malaysia CEO Arsalaan Ahmed departs to pursue “personal ambitions” in fintech
Ahmed played a pivotal role in the launch of ARBM’s digital banking offering Rize last year.
New digital bank JB to launch in Saudi Arabia
The new venture is described as a “digital leasing and lending platform”.
ila Bank taps Arab Financial Services for prepaid card offering
The Bahraini denominated card can be used to pay for transactions in both an in-store and online setting.
Rammis Bank live with iMAL core banking system from Azentio
Phase one of the implementation project at Rammis Bank was completed in 30 days.
Sharia-compliant challenger Nomo taps Paymentology for digital payments platform
Paymentology’s technology has allowed the bank to offer cross-border transaction services “without high fees”.
Egypt’s Faisal Islamic Bank taps iGCB to power its digital banking services
The bank will deploy iGCB’s cloud-native CBX Retail (CBX-R) solution.
Al Busairi Bank opts for ICS Banks core banking system
The new microfinance bank will implement the ICS Banks Islamic core banking system from ICSFS.
Riyad Bank taps SunTec for e-invoicing integration with Saudi tax office
The integration allows banks to share standardised e-invoices with Saudi tax office Fatoora.
Hadhramout Commercial Bank opts for ICS Banks core banking system
Hadhramout Commercial Bank (HCB) is a new universal bank in Yemen.
FCA fines Al Rayan Bank £4m for inadequate AML controls
Al Rayan did not dispute the FCA’s findings and agreed to settle.
Path Solutions founder Mohammed Kateeb to leave firm
Path Solutions founder and CEO Mohammed Kateeb is to leave the firm after managing its sale to Azentio Software in 2021.
Al Kawthar Leasing Company opts for ICS Banks system
The ICS Banks Finance Leasing Solution is provided by regional banking tech vendor ICSFS.
UAE’s National Bonds taps Azentio for digital Islamic banking solution
Azentio says its iMAL platform will enable National Bonds to roll out Islamic products and services faster.
