Bank Muamalat Malaysia Berhad has partnered with Backbase and Mambu to transform into a leading digital Islamic bank, focusing on customer-centric digital banking solutions and a modern banking super app. This initiative aims to enhance financial inclusion and operational efficiency through innovative technology and strategic partnerships.
20 May 2024 – In a strategic move to establish itself as a premier next-generation digital Islamic bank, Bank Muamalat Malaysia Berhad (Bank Muamalat) has entered into a long-term partnership with Backbase, a global leader in Engagement Banking, and Mambu, a specialist in core banking transformation. This collaboration marks a significant milestone in Bank Muamalat’s mission to revolutionize its digital Islamic banking services.
Leveraging the Backbase Engagement Banking Platform, Bank Muamalat aims to create a unified digital Islamic banking experience that integrates onboarding, transactions, financing, and backend consumer servicing. This platform is designed to provide secure, consistent, and scalable customer journeys tailored to individual preferences.
Central to this digital transformation is the development of a modern digital Islamic banking super app, enhancing the bank’s Retail Banking solutions. This app will offer personalized banking experiences, extending beyond traditional services to include holistic life empowerment features that encompass financial, faith-based, and security aspects. The bank also plans to extend these innovations to its commercial and SME banking segments.
Khairul Kamarudin, President & CEO of Bank Muamalat, highlighted the bank’s commitment to advancing financial inclusion and modern Islamic banking practices. He noted that the flexibility of the Backbase platform aligns with the bank’s goal to launch the digital Islamic banking platform by year-end.
This transformation is driven by eight strategic thrusts, including Accelerating Business Growth, Enabling Islamic Bank for All, and Enhancing Customer Centricity. These priorities reflect the bank’s dedication to exceeding the evolving needs and expectations of its customers.
Backbase’s extensive global reach and experience with Islamic banks, including Libyan Islamic Bank, ila Bank, Bank Al Bilad, and Saudi National Bank, positions it well to support Bank Muamalat’s digital transformation. Riddhi Dutta, Regional Vice President of Asia at Backbase, emphasized the platform’s flexibility and its alignment with Islamic banking requirements.
Mambu’s cloud-native core banking platform plays a crucial role in this transformation, enhancing operational efficiency and accelerating software development cycles. This partnership, endorsed by Bank Negara Malaysia, ensures compliance with regulatory requirements and robust security controls.
Perminder Grewal Dallow, Director of Solutions Engineering at Mambu, expressed enthusiasm for enabling Bank Muamalat to innovate and streamline its processes. The combined strengths of Backbase and Mambu create a seamless and future-proof digital banking solution, empowering Bank Muamalat to meet the needs of today’s digital-savvy consumers and the broader banking ecosystem.
