Mambu, the newly-minted fintech unicorn, has announced the launch of the Sharia-compliant version of its SaaS banking platform. The solution caters to the needs of Islamic banks and lenders globally. It was made available to customers from the end of 2020.

Worldwide, over 1.8 billion Muslims are financially underserved and are looking for alternative shariah-compliant solutions to manage their money. This is particularly relevant in Malaysia with Bank Negara Malaysia’s new digital banking licensing framework also being open to Islamic digital banks.

Mambu said that its new shariah-compliant product enables Islamic banks to enhance their offerings and increase brand loyalty by delivering a more personalised level of service — all in the cloud.

One of the first customers to benefit from the Mambu’s product is Bank Islam Malaysia Berhad, a Malaysia-based bank that is currently in the process of launching a spin-off Islamic digital bank.

Myles Bertrand, Mambu’s Managing Director APAC, added,

“Asia Pacific plays a significant role in the Islamic Finance space, and with the launch of our new Sharia-compliant SaaS banking platform, Mambu Asia Pacific is primed to assist Islamic banks and financial institutions to proactively leverage the power of cloud technology, helping to create leaner, more agile operations that have the ability to serve more people. We believe that technological innovation in this sector will strengthen not only individual financial services providers, but the entire Islamic Finance industry as a whole, and we are honoured to be a part of the change.”