Ethiopia’s Bank of Abyssinia has gone live with new Islamic banking systems to boost its Shariah banking window operations.
The lender fully integrated Azentio Software’s iMAL IslamicFinancing and iMAL ProfitCalculationSystem in less than four months.
“Islamic banking has been growing rapidly in recent years in Ethiopia. Choosing the right technology partner was critical to stay nimble and move fast,” said Abdulkadir Redwan, the director of interest-free banking at Bank of Abyssinia. “This partnership will create an edge for our Islamic banking operations to operate in a more Shariah compliant manner and comply with the National Bank of Ethiopia’s regulations.”