Bank Muamalat Partners with Backbase to Strategically Lead Malaysia’s Next-Gen Digital Islamic Banking

Powered by Backbase Engagement Banking Platform, Bank Muamalat objectives to launch a revolutionary Islamic Banking Super App

KUALA LUMPUR, MALAYSIA – 20 May 2024 – In a strategic switch in course of turning right into a primary, next-generation digital Islamic Bank for all, Bank Muamalat Malaysia Berhad (Bank Muamalat) has launched a long-term partnership with Backbase, the worldwide chief in Engagement Banking. This collaboration, collectively with Mambu for its core banking transformation, marks an enormous milestone in Bank Muamalat’s journey to revolutionize its digital Islamic Banking decisions.

Driven by their mission and the necessity to create an unmatched customer-centric experience, Bank Muamalat leverages platform experience to innovate in course of a unified Islamic digital banking experience, bridging silos, and standard banking practices. With the Backbase Engagement Banking Platform serving as a result of the anchor platform, facilitating end-to-end processes collectively with onboarding, transactions, financing, as well as to backend shopper servicing and engagement, Bank Muamalat is equipped to create customized and distinctive purchaser journeys with security, consistency, acceleration, and scalability.

Central to the monetary establishment’s digital transformation is a recent digital Islamic banking great app geared towards enhancing its Retail Banking choices. This pivotal shift permits the monetary establishment to present personalized banking journeys, tailored to distinctive preferences of its shoppers, whereas empowering the monetary establishment with freedom and administration in putting their long-term imaginative and prescient into movement. The goal is to cater to the needs of varied clients in Malaysia previous typical banking firms, collectively with holistic life empowerment choices, from financial, faith and the added assurance of security and peace of ideas in every transaction. In addition, Bank Muamalat has set its sights on extending these enhancements to its enterprise and SME banking segments throughout the shut to future.

Khairul Kamarudin, President & Chief Executive Officer of Bank Muamalat, talked about, “We are attentive to the current needs of our varied shopper base and are devoted to advancing financial inclusion and Islamic banking practices to additional trendy, customer-centric, and digitally progressive. The strategic advantage of the Backbase Engagement Banking Platform lies in its means to ‘undertake and assemble’, which aligns with our goal to launch the digital Islamic banking platform by the highest of the 12 months.”

The seismic shift in course of quick technological developments is pushed by Bank Muamalat’s dedication to regular enchancment and innovation all through their merchandise, firms, and purchaser experiences. This transformation is anchored by eight strategic thrusts, amongst which are Accelerating Business Growth, Enabling Islamic Bank for All, and Enhancing Customer Centricity. These priorities underscore the monetary establishment’s mission to not solely meet nonetheless exceed the broadening needs and expectations of its rising purchaser base.

Today, Backbase serves over 120 financial institutions worldwide, collectively with an rising number of Islamic banks paying homage to Libyan Islamic Bank, ila Bank, Bank Al Bilad, and Saudi National Bank. Backbase’s intensive worldwide attain moreover extends to important banks throughout the APAC space, collectively with ABBANK, BDO Unibank, Bank of the Philippine Islands, China Bank, EastWest Bank, HDFC Bank, JudoBank, OCB, Techcombank, and TPBank.

Riddhi Dutta, Regional Vice President of Asia at Backbase, remarked, “Islamic banks, notably in Asia, are keen to enhance their digital banking choices to maintain aggressive. At Backbase, we’ve had the privilege of collaborating with Islamic banks all through the globe, gaining invaluable insights into their distinctive needs and challenges. Our Engagement Banking Platform is designed with flexibility at its core, offering pre-built journeys and microservices which may be customized to meet the distinctive requirements of Islamic banking. Our partnership with Bank Muamalat exemplifies our dedication to help Islamic banks of their digital transformation endeavors. Additionally, we keep a deep appreciation for Malaysia’s vibrant Islamic banking custom and dynamics, which stand as a beacon of innovation and progress throughout the worldwide Islamic finance sector.”

Bank Muamalat’s holistic cloud-based transformation encompasses Backbase for progressive modernization and customer-centric Engagement Banking, and Mambu for digital core capabilities. Transitioning to a cloud-based model not solely enhances its banking firms and product decisions however moreover yields very important worth monetary financial savings and operational effectivity optimistic points. In addition, it empowers Bank Muamalat’s builders to velocity up software program program development cycles by leveraging Mambu’s digital core to meet regulatory requirements and fortify its security controls, vital for a financial institution.

“Mambu is a key participant throughout the cloud-native core banking space, right now powering financial institutions all through 65 worldwide areas. As one among many first typical banks in Southeast Asia to embrace our cloud banking platform, we look forward to enabling Bank Muamalat to assemble progressive providers and merchandise, streamline IT processes, and craft distinctive purchaser journeys,” talked about Perminder Grewal Dallow, Director of Solutions Engineering at Mambu. “The endorsement from Bank Negara Malaysia, the regulatory physique for Malaysia’s financial sector, to advance this endeavor underscores the idea and assurance in every Mambu and Backbase. We look forward to a sturdy partnership with Bank Muamalat as a result of it modernizes its experience foundation.”

In this transformative journey, Mambu performs a pivotal place as one in all Backbase’s important core companions. The synergy between Backbase’s Engagement Banking choices and Mambu’s core banking platform creates a sturdy foundation for banks of all sizes to liberate themselves from siloed, legacy cores and bear a holistic digital transformation. The Backbase and Mambu partnership ensures a seamless and future-proof transition to trendy banking necessities with a completely built-in, end-to-end cloud-native digital banking reply on an open construction. With this combined offering, banks are empowered to meet the evolving needs of right now’s digital-savvy clients and the broader banking ecosystem.