The partnership will see KIB implement the latest version of Azentio’s Islamic core banking platform iMAL, which the vendor says will enable the Erbil-headquartered bank to “launch new and innovative Sharia-compliant products at an accelerated pace” across finance, investments, deposits, treasury and capital markets.
On matters of security, the bank will also utilise Azentio’s financial crime management and anti-money laundering (AML) system which, featuring know your customer (KYC), sanctions screening, risk scoring and case management capabilities, will provide KIB with the agility and means to mitigate suspicious transactional activity.
