Kurdistan International Islamic Bank adopts Azentio's iMAL software

The iMALTM implementation will enable a robust digital foundation for KIB to achieve its growth strategy in Iraq and the region, by providing its customers with user-friendly, high-quality services and an omnichannel experience.

Sharia-compliant features and integrated security solutions

iMALTM offers full compliance with AAOIFI’s Sharia and financial accounting standards. This version of the solution will help KIB cover all aspects of Islamic finance, investments, deposits, treasury, and capital markets, and will equip the bank to launch new and innovative Sharia-compliant products at an accelerated pace. This version also features advanced encryption and security standards to protect against even highly sophisticated electronic piracy attacks.

For a more comprehensive solution, Azentio’s Financial Crime Management and Anti-Money Laundering system will be integrated with iMALTM. It will help KIB efficiently monitor all financial activities, combat potential financial crime and money laundering incidences in accordance with international regulatory and compliance requirements. It includes KYC, sanction screening, holistic risk scoring capabilities, and comprehensive case management with analytical and investigative tools to increase operational efficiency and help detect and report suspicious transactions.

KIB officials chose Azentio for its global expertise in Islamic banking solutions. Leveraging Azentio’s iMALTM, they aim to advance their digital transformation, enhancing customer service efficiency in Iraq and globally. The omnichannel solution will expedite customer onboarding, digital adoption, and streamline banking operations across various platforms.

Also commenting on this partnership, representatives from Azention said they are happy to collaborate with KIB to enable them to effortlessly scale their operations and launch innovative solutions that drive growth and improve customer experience. With its feature-rich portfolio, iMALTM will help KIB address the stringent demands of digital transformation. The new version comes with exceptional features and functions that are imperative to operate according to the rules of the Islamic Sharia. All these will enable KIB to improve its operational efficiency across departments, divisions, and branches, while giving it the agility to expand its business and its customer base.

What doe KIB do?

Kurdistan International Islamic Bank for Investment and Development (KIB) was established in 2005. It is one of the banks in the Kurdistan region and a prominent private Islamic bank in Iraq. The bank’s services focus on Islamic banking and investment activities in accordance with the principles of Islamic Sharia and under the supervision and control of the Central Bank of Iraq.