#Singapore #Azentio #iMAL #Islamic banking

Achieving Excellence: Azentio's iMAL and AAOIFI Certification

Azentio Software has made waves in the banking and finance industry by announcing that its flagship product, the iMAL banking platform, has achieved exclusive certification from the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) for the year 2025. This is not just any milestone; it marks the 16th consecutive year that iMAL has received this distinguished certification, making it the only Islamic core banking software globally to have this honor.

What is AAOIFI Certification?

The AAOIFI is a globally recognized body that sets standards for Islamic finance. Their certification indicates that a financial institution's operations are compliant with Shariah principles and financial accounting standards. iMAL's consistent success in obtaining this certification underscores its steadfast commitment to supporting Islamic financial institutions in delivering Shariah-compliant services.

A Commitment to Compliance and Innovation

According to Omar Mustafa Ansari, Secretary General of AAOIFI, the rigorous certification process highlights how iMAL aligns with the latest Shariah and Financial Accounting Standards, including the upcoming FAS 44, 45, 46, and 47. This alignment is crucial for enhancing credibility and trust within the Islamic finance industry. Azentio's ongoing partnership with AAOIFI demonstrates their commitment to advancing the entire Islamic finance sector.

Furthermore, iMAL's newly released features include the introduction of a Shariah-compliant product called Musaqat. Specifically tailored for the irrigation industry, Musaqat is designed to meet the specific requirements of the Islamic finance sector. This product comes pre-configured with Shariah-compliant structures, which significantly reduces customization needs and allows banks to more rapidly launch compliant facilities.

The Importance of Shariah Compliance

Khaled Berjawi, the Senior Vice President of Product Management for iMAL at Azentio, remarked, "In a market where trust and compliance are paramount, iMAL stands apart. Our continued AAOIFI certification over the years is more than just a regulatory milestone; it showcases our dedication to providing Islamic financial institutions with the most advanced and compliant technology. No other platform can make that claim, and we take pride in leading the charge in Islamic fintech."

Azentio's dedicated in-house Shariah Compliance Team plays a crucial role in ensuring that the iMAL platform evolves with changes in AAOIFI standards, ensuring client operations are always up to date with regulatory shifts and market trends. This proactive approach allows customers to benefit from a robust banking infrastructure that is ready for future demands.

A Global Presence

Azentio emphasizes their extensive reach across the Middle East, Africa, and Southeast Asia, where their core banking solutions make a significant impact. By leveraging cutting-edge technology and deep industry expertise, they enable financial institutions to overcome operational challenges and thrive in a competitive landscape.

In conclusion, Azentio's accomplishment of attaining AAOIFI certification for the iMAL platform for another year cements its role as the leading provider of Islamic banking solutions. This achievement not only reflects high operational standards but also guarantees that clients can deliver Islamic finance solutions that meet rigorous compliance requirements. With the continuing evolution of financial technology, Azentio is poised to remain at the forefront of the industry, ensuring the best outcomes for both their clients and the communities they serve.

For more information on Azentio and their innovative offerings in the Islamic finance space, check out their official website: Azentio.