Bank Muamalat Malaysia has announced a long-term partnership with Backbase. This collaboration, together with Mambu for its core banking transformation, marks a significant milestone in Bank Muamalat’s journey to improve its digital Islamic Banking offerings.
Bank Muamalat leverages platform technology to innovate towards a unified Islamic digital banking experience, bridging silos, and traditional banking practices. With the Backbase Engagement Banking Platform serving as the anchor platform, facilitating end-to-end processes including onboarding, transactions, financing, as well as backend consumer servicing and engagement, Bank Muamalat is equipped to create customised and unique customer journeys with security, consistency, acceleration, and scalability.
Go deeper with GlobalData
Central to the bank’s digital transformation is a modern digital Islamic banking aimed at enhancing its Retail Banking solutions
This shift enables the bank to offer personalised banking journeys, tailored to unique preferences of its customers, while empowering the bank with freedom and control in putting their long-term vision into action.
The goal is to cater to the needs of diverse consumers in Malaysia beyond traditional banking services, including holistic life empowerment features, from financial, faith and the added assurance of security and peace of mind in every transaction.
Khairul Kamarudin, President & Chief Executive Officer of Bank Muamalat, said: “We are attentive to the current needs of our diverse consumer base and are dedicated to advancing financial inclusion and Islamic banking practices to more modern, customer-centric, and digitally progressive. The strategic advantage of the Backbase Engagement Banking Platform lies in its ability to ‘adopt and build’, which aligns with our goal to launch the digital Islamic banking platform by the end of the year.”
Riddhi Dutta, Regional Vice President of Asia at Backbase, added: “Islamic banks, especially in Asia, are keen to enhance their digital banking solutions to stay competitive. At Backbase, we’ve had the privilege of collaborating with Islamic banks across the globe, gaining invaluable insights into their unique needs and challenges. Our Engagement Banking Platform is designed with flexibility at its core, offering pre-built journeys and microservices that can be customised to meet the unique requirements of Islamic banking. Our partnership with Bank Muamalat exemplifies our commitment to support Islamic banks in their digital transformation endeavors. Additionally, we hold a deep appreciation for Malaysia’s vibrant Islamic banking culture and dynamics, which stand as a beacon of innovation and growth in the global Islamic finance sector.”
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
