Bank Muamalat Malaysia has announced a strategic partnership with digital banking software provider Backbase to advance its digital Islamic banking services.
The bank aims to innovate and streamline its banking services by leveraging the Backbase Engagement Banking Platform.
This platform will support various banking processes, including onboarding, transactions, financing, and backend consumer services.
Bank Muamalat plans to launch its own digital Islamic banking ‘super app’, designed to offer personalised and secure customer experiences.
The new super app will enhance Bank Muamalat’s retail banking solutions and cater to diverse consumer needs beyond traditional banking services.
Future plans include extending these innovations to commercial and SME banking segments.
The bank’s digital transformation is driven by eight strategic thrusts, focusing on business growth, enabling inclusive Islamic banking, and enhancing customer-centric services.
Backbase currently serves over 120 financial institutions globally, including numerous Islamic banks and leading banks in the APAC region.
This collaboration, alongside core banking transformation with Mambu, signifies a major step in Bank Muamalat’s digital strategy.
The partnership with Mambu will further support Bank Muamalat’s transition to a cloud-based model, enhancing service offerings and operational efficiency.
Riddhi Dutta, Regional Vice President of Asia at Backbase said,
“Our Engagement Banking Platform is designed with flexibility at its core, offering pre-built journeys and microservices that can be customized to meet the unique requirements of Islamic banking.
Our partnership with Bank Muamalat exemplifies our commitment to support Islamic banks in their digital transformation endeavors. Additionally, we hold a deep appreciation for Malaysia’s vibrant Islamic banking culture and dynamics, which stand as a beacon of innovation and growth in the global Islamic finance sector.”
Khairul Kamarudin, President & Chief Executive Officer of Bank Muamalat said,
“We are attentive to the current needs of our diverse consumer base and are dedicated to advancing financial inclusion and Islamic banking practices to more modern, customer-centric, and digitally progressive.
The strategic advantage of the Backbase Engagement Banking Platform lies in its ability to ‘adopt and build’, which aligns with our goal to launch the digital Islamic banking platform by the end of the year.”
