Tadhamon Bank has upgraded to Azentio Software’s latest version of iMAL. The Yemen-based bank will implement iMAL version R14.5, one of the leading platforms in Islamic banking.
This updated version of iMAL with its key business functionalities and a flexible and agile core processing engine will 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. Its web services features will power integration with multiple connected channels.
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These leading features will 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 bank will hope this new integration can drive digital innovation and resource efficiency to create new opportunities for its business.
Tadhamon Bank is focused on digital transformation.
Qasem Mohammed, IT Manager at Tadhamon Bank, said: “Our bank has been running on iMAL since 2010. We acknowledge the contribution of the platform in our eventful and successful journey so far. Islamic banking is now on the cusp of a digital revolution, and in this context, with the upgrade to iMAL R14.5, we intend to leverage the best of digital banking features to meet the ever-rising expectations of our customers. The upgrade also includes several specific features that will help us smoothly adhere to the evolving regulatory regime governing Islamic finance, a critical requirement for us in a fiercely competitive segment.”
L Guru Raghavendran, Senior Vice President, Banking & Capital Markets at Azentio, added: “We take great pride in our enduring partnership with Tadhamon Bank and our role in their transformation into a leading Islamic financial services provider in the region. The bank’s transition to iMAL R14.5, a cloud-ready solution built on an open platform with extensive functionalities, is poised to revolutionise digital banking for millions of customers while upholding the highest standards of Sharia compliance.”
Digital transformation is at the core of this upgrade. Tadhamon Bank can now serve more regions in Yemen without adding new physical branches and can better its service standards by offering frictionless customer experiences.
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