Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that it has won the ‘Islamic Digital Banking Provider of the Year’ award at the prestigious MEA Finance Banking Technology Summit & Awards 2022, for its Shariah-compliant core banking platform offering – iMAL™.
The award was formally presented at a ceremony held in
Dubai, UAE on Thursday, May 19. The award program, organized by MEA Finance,
the region’s only banking and finance media brand, recognizes and celebrates
the achievements of the region’s leading banks, financial institutions and
technology providers at the forefront of digital transformation who have worked
together to build smarter, more effective and efficient systems for the new age
banking customers.
Azentio’s iMAL™, the first and only banking suite certified
by the Accounting and Auditing Organization for Islamic Financial Institutions
(AAOIFI), has been helping Islamic as well as conventional financial
institutions drive truly digital transformation to achieve enhanced customer
experiences, insight-driven interactions and pervasive automation. Recognized
by leading industry analysts for its broad and deep Islamic functionality,
flexibility, viability and operational performance, iMAL™ is cloud-ready, based
on an open platform and supports open banking through open APIs and web
services.
iMAL™ offers several powerful and differentiating features
making it one of the most comprehensive Islamic solutions available today,
which is accentuated by the fact that more than 130 of the world’s leading
Islamic financial institutions use the platform to power their operations.
Kenneth Mitchen, Executive Director and Publisher of MEA
Finance, stated, “iMAL™’s steadfast support for the Islamic banking sector has
been fabulous over the years. By combining Shariah principles and innovative
digitalization technologies, the solution has been helping the MEA region’s
financial institutions to transform the way they do business to onboard,
delight and retain tech-savvy customers. In this regard, we feel very happy to
accord our ’Islamic Digital Banking Provider’ award to Azentio Software, the
leading supplier of iMAL™.”
Tony Kinnear, Chief Executive Officer of Azentio, commented,
“We feel greatly honoured to receive this award from MEA Finance. The region’s
growing internet penetration, mobile phone usage, and the burgeoning
digital-savvy population have all combined together to prompt both banks and
regulators to accelerate the adoption of digitalization and models like open
banking in Islamic financial services, especially in the aftermath of the
Covid-19 pandemic. In this context, we feel humbled by the regional banking
sector’s consistent trust in our multi-award winning iMAL™.”
For Azentio, the MEA Finance’s ’Islamic Digital Banking
Provider’ award comes on the heels of winning the ’Best Islamic Banking
Implementation Award for the Best Project Implementation‘ at a bank in Sudan
using the iMAL™ platform.