Tuum is set to introduce its Islamic Banking suite at Seamless Middle East, marking a significant step in its mission to provide Sharia-compliant banking solutions to financial institutions.
The latest move follows the announcement of its foundational Islamic Banking capabilities last year.
Tuum’s Islamic Banking suite offers a cloud-native, flexible, and scalable platform designed to ensure compliance with Sharia principles. It supports both fully Islamic banks and Islamic banking windows, allowing institutions to launch and scale products effectively.
In collaboration with DDCAP Group, a facilitator of asset-backed, Sharia-compliant transactions, Tuum enhances its capabilities with automated Tawarruq execution, streamlining trade execution and ensuring full Sharia compliance.
The expanded suite includes Islamic Accounts & Deposits, covering Mudarabah, Wakalah, Wadiah, and Qard Hassan, as well as an advanced Islamic Lending module featuring Tawarruq-based consumer finance.
This positions Tuum as one of the few cloud-native platforms supporting both full-fledged Islamic banks and Islamic banking windows.
Key features include automated profit-sharing for Islamic Deposit Accounts, real-time Islamic profit calculation, and a standalone profit-sharing module. The suite also offers automated Sharia compliance, Tawarruq-based financing, and a unified lending framework that integrates Islamic financing with conventional systems.
Tuum sales vice president Miljan Stamenkovic said: “As demand for Sharia-compliant banking solutions continues to grow, financial institutions need a core banking platform that balances compliance with innovation.
“Tuum’s modern, cloud-native technology provides that foundation, while our partnership with DDCAP further strengthens our offering by automating key Islamic financing workflows.”
