Mambu launches Sharia-compliant banking platform

SaaS banking firm Mambu has launched a Sharia-compliant version of its banking platform designed to cater to banks and lenders who follow Islam.

According to the company, 1.8 billion Muslims are being underserved in the banking market, in part due to a lack of Sharia-compliant solutions.

Mambu's Sharia-compliant product enables Islamic banks to enhance their offerings and increase brand loyalty by delivering a cloud-based and personalised service.

According to the company, By developing and launching products on Mambu, Islamic banks that develop and launch product through Mambu can provide customers  with products that are aligned with their ethical codes and the tenets of Islamic finance.

Mambu Australia and New Zealand general manager Kristofer Rogers says, "The Islamic finance industry has been growing steadily in Australia, with several providers offering a range of Sharia-compliant financing solutions and the first Australian Islamic bank looking set to launch early this year.

"We're excited and honoured to lead the charge in the fintech evolution of the Australian Islamic finance industry. This announcement allows Mambu to deliver culturally compliant financial services for the Australian Muslim community, while also offering an ethical alternative to conventional banking for any Australian.

Mambu is working with customers such as trade finance fintech Ta3meed. Ta3meed delivers digital Islamic financing for SMEs and investors in the Islamic banking space.

Malaysia-based Bank Islam Malaysia Berhad is also leveraging Mambu's services. Bank Islam aims to create a platform-based solution to enable access to Islamic financial products that are based on risk-sharing and fairness.

Bank Islam chief executive officer Mohd Muazzam Mohamed says, "We view digitisation as a competitive advantage that is helping Bank Islam reach new customers and provide them with products that are aligned with their values.

"As we collaborate with a multitude of partners there are no boundaries in rethinking our business model and transforming our operations. This gives us a unique opportunity to create an open banking ecosystem to grow business and operate like a modern, platform-based tech company."

Mambu chief customer officer Elliott Limb adds, "It is an honour to work alongside Bank Islam and their mission to improve access to digital banking services for all, supporting economic development and financial inclusion through internet and mobile banking.

"Bank Islam continues to push itself to be the leading Islamic bank in the region and the CDX solution will make strides. We look forward to collaborating with them, as they embark on this exciting new phase of their journey," Limb concludes.

Bank Islam's solution is expected to launch in Q2, 2021.