MFMi Group, part of Malaysian fintech specialist MFM Synergy, announced that it has chosen the Mambu pure software as a service (SaaS) cloud-native banking platform to underpin its new digital Islamic financial services.
Starting with a digital Sharia-compliant factoring product, MFM Tawreeq, the company is also building an Islamic digital wallet. It has a strategic plan to launch a suite of complementary Islamic financial services products over the next five years.
“As a start, enabling a core banking system with Mambu will help us to deliver tailor-made solutions to our customers” MFMi Group’s Group Executive Director and Founder Kasful Khairi said.
In the wake of the COVID-19 pandemic, which has resulted in a ‘new normal’, MFMi Group aims to add value to the Islamic fintech and Sharia compliance ecosystems by digitising Islamic financial services. This, in turn, will enhance financial inclusion for often underserved and underbanked consumers.
Ahmad Tarmizee, Group Managing Director and Founder of MFMi Group, said, “We are completely focused on becoming a digital Islamic financial services provider, and we have selected Mambu’s composable banking platform because it offers flexibility and is easily scalable. We’re excited to take our first step into digital Islamic financial services with Mambu’s powerful, cloud-native platform as our foundation.”
Mambu’s Managing Director for APAC Myles Bertrand added, “We are looking forward to working with MFMi Group as they begin their digital Islamic financial services journey. We share a common goal of enhancing financial inclusion for underserved communities, so we take great pride in having been chosen by MFMi Group to underpin its new suite of product offerings.”
Re-disseminated by The Asian Banker