Iraq-based Kurdistan International Islamic Bank for Investment and Development (KIB) has adopted Azentio Software’s Islamic core banking platform iMAL to drive its digital transformation.

By deploying iMAL, Kurdistan International Islamic Bank is expected to achieve a strong robust digital foundation.

It will help the bank to achieve growth strategy in Iraq and the region by offering user-friendly, high-quality services, and an omnichannel experience to its customers.

Kurdistan International Islamic Bank board of directors chairman Sheikh Hakim said: “Backed by Azentio’s iMAL, we are determined to move forward with our plan towards digital transformation that will ensure highly efficient customer service in Iraq and abroad, and which will improve our competitiveness exponentially.

“The omnichannel solution will accelerate customer onboarding and digital adoption, while simplifying our banking operations across channels, applications, and mobile phones.”

Based in Singapore, Azentio Software is owned by funds advised by Apax Partners. The technology firm’s iMAL provides full compliance with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)’s Sharia and financial accounting standards.

iMAL’s latest version will help Kurdistan International Islamic Bank to cover all aspects of Islamic finance, investments, deposits, treasury, and capital markets.

Besides, it will enable the bank to quickly introduce new and innovative Sharia-compliant products. The new version of the solution also features advanced encryption and security standards to protect against highly sophisticated electronic piracy attacks.

Furthermore, Azentio’s financial crime management and anti-money laundering system will be integrated with iMAL.

This will equip the bank to effectively monitor all financial activities, prevent potential financial crime, and money laundering incidences in accordance with international regulatory and compliance requirements.

The integrated solution will include sanctions screening, know your customer (KYC), holistic risk scoring capabilities, and comprehensive case management with analytical and investigative tools.

Azentio Software banking, financial services, and insurance managing director Krish Narayanaswami said: “With its feature-rich portfolio, iMAL will help KIB address the stringent demands of digital transformation. The new version comes with exceptional features and functions that are imperative to operate according to the rules of the Islamic Sharia.

“All these will enable KIB to improve its operational efficiency across departments, divisions, and branches, while giving it the agility to expand its business and its customer base.”