Weeks after news of its collaboration with Bank Islam to assist the Malaysian bank in rolling out a digital banking proposition, software-as-a-service (SaaS) cloud banking platform Mambu has been engaged by another Malaysian firm to deliver Shariah compliant banking solutions.
Sedania As Salam Capital revealed that it has selected Mambu as its cloud core banking partner to design and launch composable Islamic banking solutions.
This partnership signifies an important turning point for Sedania As Salam. The company, whose core product has been its Tawarruq platform, is expanding its remit as it pivots toward becoming an Islamic fintech solutions provider under the leadership of CEO Nisa Ismail. The firm earlier this month introduced its new Islamic fintech digital platform for credit companies engineered to assist money lenders roll out Shariah compliant financing products.
Collaborating with Mambu will serve as a launching pad for the firm to incorporate Mambu’s SaaS banking platform as part of the core system of its solution architecture.
“Our collaboration with Mambu aims to reimagine core banking systems that are rigged against legacy infrastructure by providing technological accessibility geared to the needs of our financial service institutions’ partners,” explained Nisa. Mambu, which has a global presence, has been particularly active in the Islamic finance space. Originally serving microfinance organizations and fintech companies, Mambu’s clientele now include the likes of ABN AMRO, N26, OakNorth, Globe Telecom and Orange in addition to 100 microfinance organizations across 26 countries.