Azentio Software, a Singapore-headquartered technology firm, has announced that iMAL R14.5, the latest version of the company's Islamic core banking platform, has successfully completed the annual certification review for the year 2022 by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Islamic finance standards body.
"AAOIFI is here to protect the integrity of the global Islamic finance industry through the means of standardisation of best practices in the areas of shari'ah, accounting, auditing, governance, and ethics. We are pleased to complete the review of the version 14.5 of iMAL for the year 2022 to ensure its compliance with AAOIFI's Shari'ah and Financial Accounting Standards," said Omar Mustafa Ansari, Secretary General, AAOIFI.
"By following and implementing AAOIFI standards in the right manner, we believe iMAL is mitigating shari'ah non-compliance risks. Our continued collaboration is a testament to Azentio's ongoing commitment of following best practices not only for itself but also for its clients which are the world's leading Islamic financial institutions."
Mohammed Kateeb, Global Head of Islamic Banking and President of Middle East & Africa at Azentio, said, "For our core banking platform iMAL new version to be certified by AAOIFI, reflects our ongoing commitment to creating a truly differentiated value proposition. The latest advancement in financial technology has posed unprecedented challenges for incumbent Islamic banks to remain competitive. We are combining advanced technologies with deep knowledge of Islamic finance and embedding this into our new platform to help our clients transform, accelerate innovation, and achieve operational efficiency, while providing shari'ah compliance assurance to the Islamic financial services ecosystem. We ensure a compliance mindset in our design and development efforts, and continuously challenge ourselves to provide a unique platform that meets or exceeds the needs and expectations of our clients, always complying with the AAOIFI and shari'ah rules."
Azentio Software has over 800 clients in more than 60 countries and has offices in nine countries.