Compliance underscores Azentio’s commitment to delivering scalable technology solutions aligned with industry standards
Azentio Software (Azentio), a Singapore-based technology firm owned by funds advised by Apax Partners, proudly announces the successful completion of its annual compliance exercise for iMAL™, the company’s cutting-edge digital Islamic core banking platform.
The platform has received the coveted certification for 2024 from the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), the globally recognised standard-setting body for the Islamic financial services industry.
The certification underscores iMAL™’s unwavering adherence to all active AAOIFI Shariah Standards and AAOIFI Financial Accounting Standards, underscoring Azentio’s commitment to delivering scalable technology solutions aligned with industry standards.
Azentio’s Shariah Compliance team remains vigilant in tracking newly issued standards and exposure drafts, ensuring that iMAL™ clients receive fully compliant solutions with AAOIFI Standards and industry best practices.
The latest iteration of iMAL™ introduces enhanced security capabilities and a broader range of features aimed at streamlining taxation and reporting processes, complete with user-friendly dashboards and refined access privileges.
AAOIFI Secretary General Omar Mustafa Ansari said: “We are pleased to conclude the review of the latest version of iMAL™ for the year 2024, which was conducted to verify its compliance with AAOIFI Shariah Standards and AAOIFI Financial Accounting Standards.
“iMAL™’s continued compliance with AAOIFI Standards mitigates the likelihood of Shariah non-compliance risks and upholds and promotes transparency in financial reporting for Azentio’s clients, including prominent Islamic financial institutions globally.”
Azentio Group Chief Executive Officer Sanjay Singh said: “Being awarded the compliance certification by AAOIFI since 2008 is a significant achievement for Azentio and reaffirms our standing as pioneers in the global marketplace. This achievement restates our commitment to offer our clients the most valuable combination of the latest software technology and Shariah-based processes.
“The Islamic financial services segment continues to witness impressive growth, and Azentio is excited to cater to the growing global demand for Shariah-compliant products and services. Any entity dealing with our clients, be it customers or partners, can rest assured that our clients faithfully and thoroughly follow every relevant Shariah principle.”
As the Islamic finance sector expands, Azentio remains dedicated to providing innovative solutions that uphold the highest compliance and service excellence standards.
