Overview
iMAL is the industry-leading digital Islamic core banking platform, and the first and only AAOIFI-certified software, confirming its compliance with AAOIFI’s Sharia and financial accounting standards. The platform has been architected out of years of experience and offers several powerful and differentiating features making it one of the most comprehensive, flexible and scalable Islamic solutions available in the market. It addresses the core banking, Islamic banking, investment, financing and collection, omnichannel, payments, treasury, trade finance, risk management and compliance requirements of Islamic financial institutions worldwide to drive business excellence. iMAL helps traditional and emerging Islamic financial institutions drive truly digital transformation to achieve frictionless customer experiences, larger ecosystem play, insights-driven interactions and ubiquitous automation. It is highly reliable, cloud-enabled, deployable on a fully scalable, n-tier architecture, and supports digital transformation and open banking through artificial intelligence, blockchain and other technologies.
iMAL has been recognized by leading industry analysts for its broad and deep Islamic functionality, flexibility, viability and operational performance.
Key Features
Functional Features:
• Developed and built from the ground up on the basis of Sharia for the Islamic finance industry
• Multilingual, multi-currency, multi-branch, multi-company enabled accounting backbone
• Single integrated platform for all banking activities
• In-depth business functionality in a single, highly integrated front, middle and back-office system
• User friendly interface with modern user experience
• 360° view of the customer
• Exact fit to business requirements
• Highly customizable to meet various market needs
• Phased migration and implementation approach
• Improved operational efficiency and cost reduction
• Highly automated and flexible system
• Fully integrated yet modularized
• High parameterization capabilities: Greater process efficiency, better risk mitigation
• Support for multiple levels of authorization
• Complete audit trail on information
• Advanced reporting capabilities with a sophisticated Report Designer
• Deal multiple allocations/contributions
• Banking product definition - Implication/behavior
• Support for various delivery channels
• Support for all known Islamic banking instruments
• Access to innovative financing and investment products with minimum set-up time and effort
• Customization of business workflows based on pre-defined criteria through a business process management tool to increase productivity, streamline processes and speed up response to customers.
Technical Features:
• Web user interface accessible with a variety of browsers
• Platform independent, can be installed on any platform, hardware, and operating system
• N-tier application architecture
• Open architecture providing web services in straight way
• Centralized deployment process
• Scalability, reliability and high availability
• Phased migration and implementation approach
• Easy to publish on the cloud
• Supports centralized and decentralized databases with online and offline replication
• Runs with Oracle and Sybase databases
• Built-in integration with Business Process Management (BPM) tools
• MVC Design Pattern
• API/Open Banking availability, and digital hub
• Full security consideration.
Key Benefits
• AAOIFI-certified confirming its full compliance with the Sharia rules and regulations fostering transparency
• Facilitates the launching of Islamic products and services efficiently and effectively, by improving go-to-market time
• Supports the design of dynamic business models for increased operational flexibility and optimization
• Covers all aspects of Islamic banking operations, including the use of various delivery channels
• Empowers Islamic financial institutions to maintain high operational efficiency and effectiveness
• Provides both Islamic financial institutions and stakeholders with the instruments to optimize their investments
• Provides an end-to-end transaction and documentation capturing from application till maturity of deal
• Standalone solution to handle profit-sharing investment accounts with complete management of reserves, taxes and Zakat
• Eliminates Riba, purifies banking activities and embraces risk sharing investment operations
• Enables VAT & Tax Deducted at Source (TDS)
• With advanced and effective STP functionality
• Dynamic accounting functionality to set up transactional entries as per prescribed Sharia guidelines.