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Tadhamon Bank gears up for Open Banking with Azentio's iMAL

Monday 16 October 2023 15:05 CET | News

Azentio Software has announced that Tadhamon Bank is now live with the upgraded and latest version of iMAL, Azentio’s digital Islamic core banking platform.

As per the press release, this version of iMAL, with its functionalities and agile core processing engine, seeks to accelerate Tadhamon Bank’s transformation into a digitally advanced bank. iMAL’s multi-threading proficiencies at various levels, will deliver high data volume processing capabilities and enable parallel processing of records. Moreover, its web service features will enable integration with multiple connected channels. These features will help maximise agility in the bank’s internal operations, enable interoperability across systems, facilitate business scalability, and speed up time to market for new products. The main focus is that the bank would be able to drive digital innovation and resource efficiency to create new opportunities for its business. 

Azentio Software has announced that Tadhamon Bank is now live with the upgraded and latest version of iMAL, Azentio’s digital Islamic core banking platform.

The press release further notes that the bank has been running on iMAL since 2010. Now, with the upgrade to iMAL R14.5, the bank intends to leverage the digital banking features to meet the ever-rising expectations of its customers. The upgrade also includes several specific features that will help adhere to the evolving regulatory regime governing Islamic finance. 

Digital transformation is at the core of this upgrade. Tadhamon Bank is now able to serve more regions in Yemen without adding new physical branches and can better its service standards by offering frictionless customer experiences. 

iMAL is a software certified by the Accounting & Auditing Organization for Islamic Financial Institutions (AAOIFI). The R14.5 version is cloud-enabled, fully scalable with n-tier architecture, and supports Open Banking and digital transformation, providing an omnichannel experience by leveraging artificial intelligence, blockchain, and other technologies. 

About Azentio Software 

Azentio provides mission-critical software products across the Asia Pacific, the Middle East, Africa, and India to banks, financial services providers, and insurers. It also provides ERP solutions to mid-market enterprises. The company’s flagship platforms include Azentio ONEBanking, Azentio ONECapitalMarkets, Azentio ONEInsurance, and Azentio ONEERP. Moreover, the flexibility that comes from its software platforms allows a host of applications to work with a single source of data and equips clients with workflow, analytics, document management, and integration mechanisms.  

About Tadhamon Bank 

Tadhamon Bank is an Islamic financial services provider in the MENA region. Headquartered in Yemen, the bank operates with over 700 employees across 37 branches. The bank seeks to play a key role in bridging the gap between modern banking requirements and the essential values of Islamic banking legislation. Tadhamon Bank is a holding company for other business entities, such as Tadhamon Capital, Tadhamon Microfinance and Tadhamon Real Estate.

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Keywords: Open Banking, banking, digital banking, Islamic banking
Categories: Banking & Fintech
Companies: Azentio, Tadhamon Bank
Countries: Middle East
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Azentio

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