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Rammis Bank, a start-up Islamic bank in Ethiopia, has successfully implemented iMAL, a core banking system provided by Azentio Software. The implementation was completed within a month, allowing Rammis Bank to begin operations earlier than expected. The bank aims to establish a niche in the interest-free segment with the help of iMAL’s capabilities and Azentio’s expertise in Sharia-compliant technology.
- Rammis Bank, an Ethiopian start-up Islamic bank, has gone live with the iMAL core banking software from Azentio Software.
- Azentio is a Singapore-headquartered technology firm owned by funds advised by Apax Partners. It acquired Path Solutions, an Islamic core banking technology provider, in 2021.
- iMAL is a well-established core banking solution in the Islamic banking sector and is certified by the Accounting & Auditing Organisation for Islamic Financial Institutions (AAOIFI).
- The implementation of iMAL’s branch automation and retail banking modules at Rammis Bank was completed within a one-month timeframe.
- Phase two of the project will involve the implementation of modules covering Islamic financing, Islamic pool management, treasury, investments, trade finance, Swift payments, ATM, facility management, and digital banking.
- Hijra Bank, another challenger bank in Ethiopia, has also chosen iMAL as its core banking system.
- Ali Ahmed, CEO of Rammis Bank, expresses confidence in iMAL’s capabilities and Azentio’s track record in Sharia-compliant technology, expecting to establish a niche in the interest-free segment quickly.