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.
