SINGAPORE, March 14, 2022 /PRNewswire/ — Azentio Software (“Azentio”), a Singapore-technology company whose head office is held by funds advised by Apax partnerstoday announced that Bank of Abyssinia (“BoA”) has successfully implemented iMAL*IslamicFinancing and iMAL*ProfitCalculationSystem in less than four months, to support the growth of its Islamic window operations.
Azentio’s Sharia-compliant profit calculation and distribution system makes profit distribution very efficient. With the company’s AAOIFI-certified Islamic banking suite, BoA will be able to compete with both, Islamic banking and conventional banking methods of paying interest, rates and customer satisfaction, reducing time to market for new products and distributing profits. All profit rate adjustments are made within the limits of the rules of Islamic jurisprudence and managed automatically by the system.
Mohammed KateebGlobal Head of Islamic Banking and Chairman of Middle East & Africa at Azentio, said: “We are proud to support BoA, one of the leading private banks in the Ethiopia, to achieve the highest levels of transparency and full automation to manage restricted and unrestricted Islamic investments, calculate and share profits as required by Sharia. iMAL*IslamicFinancing and iMAL*ProfitCalculationSystem have been integrated online into the bank’s existing central banking platform and run smoothly as standalone applications. The approach we took during the implementation phase was an innovative deviation from the normal approach, allowing BoA to save the costly process of migration iterations, frequent CIF maintenance and upgrades. account day.”
Abdulkadir RedwanDirector – Interest Free Banking at BoA, said: “Islamic banking has grown rapidly in recent years in Ethiopia. Choosing the right technology partner was key to staying agile and moving quickly. We made an excellent choice in partnering with Azentio, in their deep experience, understanding of the system, vast industry expertise and professionalism of the team. This partnership will create an advantage for our Islamic banking operations to operate in a more Sharia-compliant manner and comply with the National Bank of Ethiopia regulations.”
About Azentio Software Private Ltd
Azentio Software provides a mission–mission-critical, core, and vertical-specific software products for banking, financial, and insurance services customers primarily across the Middle East and Africa, Asia Pacificand India.
SOURCE Azentio Software Pvt Ltd