SINGAPORE, February 21, 2024 - Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, has announced that iMAL™ latest version and the company’s industry-leading digital Islamic core banking platform, has successfully completed the annual compliance exercise and received the certification for the year 2024 from the Accounting and Auditing Organization for Islamic Financial Institutions - AAOIFI, the world’s renowned standard-setting body for the Islamic financial services industry.
This certification is a categorical endorsement of iMAL™ continuous adherence to all the currently active AAOIFI Shariah Standards and AAOIFI Financial Accounting Standards, and affirms the commitment of Azentio’s forward-looking approach to ensure their clients get the best of technology that is scalable and compliant with those standards.
Azentio’s Shariah Compliance team keeps track of newly issued standards and exposure drafts to ensure iMAL™ clients get a solution capable of offering products and services aligned with AAOIFI Standards and industry trends.
The latest version of iMAL™ comes with more security capabilities, and wider features to streamline processes related to taxation and reporting, with enhanced user-friendly dashboards and access privileges.
Omar Mustafa Ansari, Secretary General of AAOIFI, commented, "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 serves to mitigate the likelihood of Shariah non-compliance risks and upholds and promotes transparency in financial reporting for Azentio’s clients, which include prominent Islamic financial institutions globally. We believe that our ongoing partnership with Azentio fulfils the requirements of at least 47 jurisdictions globally which recognise AAOIFI Standards in various manifestations, while also supporting the advancement of other jurisdictions.”
Sanjay Singh, Group CEO at Azentio, stated, “The Islamic financial services segment continues to witness impressive growth, therefore Azentio is as excited as the financial institutions in the segment, to have an opportunity to cater to the growing demand globally for Shariah-compliant products and services. Being awarded the compliance certification by AAOIFI since 2008 is a big 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 latest software technology and Shariah-based processes. Any entity dealing with our clients, be it customers or partners, can rest assured that every relevant Shariah principle, is being faithfully and thoroughly followed by our clients.”
About AAOIFI (Accounting and Auditing Organization for Islamic Financial Institutions)
AAOIFI, established in 1991, and based in the Kingdom of Bahrain, is the leading international not-for-profit organization primarily responsible for the development and issuance of standards for the global Islamic finance industry.
AAOIFI is supported by over 180* active institutional members, including central banks and regulatory authorities, financial institutions, accounting and auditing firms, and legal firms, from over 45* countries.
It has 123* standards and technical pronouncements in issue in the areas of Shariah, accounting, auditing, ethics and governance for international Islamic finance. 47* regulatory and supervisory authorities (RSAs) in 36* countries around the globe adopt and/or recognise AAOIFI Standards and technical pronouncements either fully, partially, as guidelines, as supplementary reporting or as a basis of development of local standards/regulations.
*As of January 2024
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We are excited to announce that Shinhan Life Insurance Vietnam (SHLV), a life insurance subsidiary of Shinhan Financial Group, Korea has gone live with its website and Azentio’s end-to-end bilingual digital solution in just three months.
Azentio is pleased to announce it has progressed across multiple categories in the Global Banking Platform Deals Survey 2022, published by leading research and advisory firm Forrester.
Azentio Software is pleased to announce that it has delivered a swift launch of its iMAL™ platform at APS Islamic Microfinance Co. Ltd, a subsidiary of APS International, the leading international money transfer service provider in The Gambia.
SINGAPORE, May 23, 2022 – Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that it has won the ‘Islamic Digital Banking Provider of the Year’ award at the prestigious MEA Finance Banking Technology Summit & Awards 2022, for its Shariah-compliant core banking platform offering – iMAL™.
Azentio Software, a Singapore-headquartered software products company is pleased to announce that the company’s award-winning software Orion™11j has been chosen by Mama Sauce Factory for Food Industries in KSA for a massive digital transformation to achieve agility at scale across the enterprise.
Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that BigPay, a Ghana-based global digital payment solutions company, has gone live with Amlock™, Azentio’s Financial Crime Detection and Management Solution (FCDMS).
Azentio Software announced today that it has won the ‘Excellence In Digital Banking Solutions’ Award at the eminent Finnovex East Africa Summit 2022, for its Kastle™ Digital Solution.
Masharie, a Dubai-based venture capital company has selected Azentino’s Software Orion™11j...
Azentio Software announced today its inclusion in Forrester’s Now Tech: Anti-Money Laundering (AML) Solutions, Q1 2022 report.
Azentio Software successfully delivered in record time its Shariah-compliant profit calculation and distribution system for Bank of Abyssinia’s Islamic window operations.
Azentio Software is pleased to announce that its Middle East Banking Division has been appraised at Level 5, the highest maturity level of the CMMI Institute’s Capability Maturity Model Integration (CMMI)® for New Product Release and Implementation.
Azentio Software today announced that Samco Mutual Fund, India’s youngest asset management service provider, has gone live with MFund Plus™, Azentio’s Asset Management Solution, for its front-office business processes.
The award was presented during the InsureTek Middle East 2022 International Conference and Golden Shield Excellence Awards ceremony, at the Address Dubai Marina, UAE, on February 9 &10.
Samco Mutual Fund, the youngest asset management service provider in India, has gone live with MFund Plus™, Azentio’s Asset Management Solution, to meet its front-office business process requirements.
Our client, a Tier 1 bank in Tanzania, has signed a deal with Azentio for the implementation of Azentio Banking’s Kastle™ Corporate Loan Origination System (C-LOS). This will be Azentio’s first direct solution implementation deal in the country for any variant of Azentio Banking’s Universal Banking Solution.
iMAL™ R14.5, the latest version of the company’s Islamic core banking platform, has successfully completed the annual certification review for the year 2022 by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
Sanlam Vie Plc, Rwanda has gone live with Azentio Insurance’s enterprise document management system in a years’ time. The Data Scan Online Solution has helped the client digitalize their operations using an in-built workflow process across all lines of business including claims, underwriting, accounts, commercial, agent licensing, legal and human resources.
Azentio Software (“Azentio”), a Singapore-headquartered software products business owned by funds advised by Apax Partners, today announced that it has won five awards at the IBS Intelligence (IBSi) Global FinTech Innovation Awards 2021.
Azentio Software is proud to announce the successful implementation of Insurance Authority’s data submission requirement for 10 insurers in UAE. The regulation seeks a trusted digital environment throughout the UAE with additional upgrades and improvements on the cards to facilitate this vision.
Path Solutions, a leading Islamic technology provider, recently acquired by Azentio Software, was ranked highly and named a winner in three categories among top firms worldwide at the recently held Faster Community’s Fintech Prize 2021 on December 1st via a virtual ceremony.
We are excited to announce that Age Intrade LLC, a leading GCC steel import, stockist, trade, and distribution company, has upgraded to Orion™11j.
The client is an existing user of Azentio’s globally acclaimed Insurance Solutions Suite and chose Azentio Insurance’s B2B Portal for agents to meet their current set of challenges.
We are happy to announce that a prominent investment group, in the Gulf region, has selected Orion™ ERP to leverage group consolidation benefits across its eight entities.
A leading captive service provider for one of the most popular banks in India has upgraded to Orion11j to effectively digitize their business processes. The customer has had a mutually beneficial partnership with Orion™ for over a decade. Implementing Orion11j will help the customer to move to a completely web-based application.
We are excited to announce that a prominent trading company offering customized solutions for Plant and Machinery requirements, has selected Orion™ ERP to upgrade their legacy systems to meet the company’s growth.
A leading Ethiopian private commercial bank has selected Amlock™, Azentio’s Financial Crime Detection and Management Solution, to ensure compliance with Ethiopian and international anti-money laundering (AML) regulations.
Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds managed by Apax Partners, announced today that National Bonds, the UAE’s leading Shariah-compliant savings and investment company owned by the Investment Corporation of Dubai, has selected Azentio’s market leading Islamic Banking solution, iMAL, to support its quest to improve process efficiency, enhance internal controls and deliver an exceptional customer experience as part of National Bonds ambitious growth strategy.
A leading Life Insurer in Thailand has gone live with Azentio Insurance’s document management system in September 2021. The client is an existing user of Azentio Insurance’s group life core solution – a dynamic, bilingual advanced application with innovative process automation features and a proven track record of benefitting life insurers globally.
A leading insurer in Thailand has gone live with Azentio™ Insurance’s digital policy servicing and digital claims transactions solutions helping bring basic automation and ensuring their team can perform their daily operations from home during the pandemic.
A cutting edge fintech start-up based out of Ghana has chosen Amlock™, Azentio’s Financial Crime Detection and Management Solution, to meet its anti-money laundering (AML) compliance and international money transfer monitoring requirements.
Shinhan Life Insurance, Vietnam (SHLV), a life insurance subsidiary of Shinhan Financial Group, Korea chooses Premia’s™ end-to-end bilingual web portal solution. The digital front-end is an interactive insurance solution helping insurance companies increase cost savings and sales capabilities.
A leading insurer in Philippines, has selected Premia™ Astra, an end-to-end integrated solution built on contemporary technology. Implementing the solution will help the insurer deliver better quality products and services and engage strongly with their customers.
A leading Japanese non-life Insurance service provider has chosen Premia’s™ eCargo web portal, claims mobile application, and motor mobile application, part of Premia’s™ digital solutions to strengthen its operations in Egypt.
We are happy to announce that Fidelity Printers and Refiners Pvt. Ltd. – Zimbabwe, has gone live with Orion™11j ERP. This programme was completed in just four months starting from April 2021. The first phase of the programme went live in August 2021 and the project is on track to complete two additional modules shortly.
We are delighted to announce that Al Huraiz Est., a conglomerate in the UAE dealing in a wide range of industrial verticals, has gone live with our Orion™11j ERP suite.
Azentio is pleased to announce the signing of a binding agreement to acquire certain software assets from Path Solutions (including the flagship products iMAL™, iShraq™, Path Digital and Path Analytics), a leading provider of core banking software.
Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds managed by Apax Partners, announced today that National Bonds, the UAE’s leading Shariah-compliant savings and investment company owned by the Investment Corporation of Dubai, has selected Azentio’s market leading Islamic Banking solution, iMAL, to support its quest to improve process efficiency, enhance internal controls and deliver an exceptional customer experience as part of National Bonds ambitious growth strategy.
MFund Plus™ – Wealth & Asset Management Platform recognized in The Wealth Mosaic’s APAC WealthTech Landscape Report 2021
Romil Turakhia, Head of Markets at Azentio in conversation with the team from Co Mantis, our partner in Europe.
Apax Partners–backed Azentio flags Asia, MEA as key markets for organic growth, bolt-on
Azentio Software is pleased to announce that it has signed a binding agreement to acquire Beyontec, a leading insurance technology company.
Azentio Software is pleased to announce that it has acquired Candela Labs, a technology firm specialising in automation and digital solutions for insurance firms.
Azentio Software’s products Kastle™ Universal Lending Solution and Amlock™ make it to the IBSI SLT Leadership Club 2021.
Azentio Software (“Azentio” or the “Company”), a Singapore-headquartered software products business owned by Funds advised by Apax, is pleased to announce that it has appointed Tony Kinnear to the role of Chief Executive Officer (CEO), effective immediately.
3i Infotech Limited, a global information technology company, today announced that it has entered into a definitive agreement to sell its Software Products business to funds advised by Apax Partners, for a total consideration of INR 10 billion.
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