Azentio Software, a Singapore-headquartered technology firm, has obtained complliance certification for the year 2023 for iMAL R14.6, the latest version of its Islamic core banking platform from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
This certification reflects compliance with AAOIFI's Shariah and Financial Accounting Standards which include Financial Accounting Standard (FAS) 1 - General Presentation and Disclosures in the Financial Statements and FAS 39 - Financial Reporting for Zakat. Both new standards relate to financial reporting with the objective to make the financial statements of institutions transparent, fair, understandable and comparable.
iMAL R14.6 focuses on taxation, reporting, dashboards, access privileges and automating manual processes. It includes enhancements to improve operational turnaround times by optimising technical processes, making them more efficient and secure.
Omar Mustafa Ansari, Secretary General, AAOIFI said: "By following and implementing AAOIFI standards in the right manner, we believe iMAL is mitigating shari'ah non-compliance risks. AAOIFI standards are now followed in no less than 50 jurisdictions around the world and iMAL's compliance with AAOIFI standards places it above others in these jurisdictions. Our continued collaboration is a testament to Azentio's ongoing commitment to follow best practices not only for itself but also for its clients which are the world's leading Islamic financial institutions."
Tony Kinnear, CEO, Azentio added: "Achieving AAOIFI certification for the latest version of iMAL signifies our commitment to provide our clients with the most advantageous blend of advanced technologies and shari'ah-compliant processes. We ensure that any financial institution running on iMAL has confidence that its products and transactions adhere to AAOIFI's evolving shari'ah and accounting standards. The certification should automatically provide confidence to all stakeholders that relevant shari'ah compliance controls and checks are adhered to by our clients."