Bank Muamalat, aiming to become a leading digital Islamic bank, announced a partnership with Backbase, a global leader in engagement banking. This collaboration, along with Mambu for core banking, marks a significant step in Bank Muamalat’s digital transformation journey.
A Customer-Centric Approach
Driven by a desire for a better customer experience, Bank Muamalat is leveraging technology to create a unified digital Islamic banking experience. The Backbase platform will act as the foundation, facilitating onboarding, transactions, financing, and customer service. This allows Bank Muamalat to personalize banking journeys for its diverse customer base in Malaysia.
A Super App for Modern Banking
A key part of the transformation is a modern Islamic banking super app focused on retail banking. This app will offer personalized banking experiences, cater to holistic life needs beyond traditional services, and prioritize security. Bank Muamalat also plans to expand these innovations to commercial and SME banking segments in the near future.
Commitment to Innovation
“We are dedicated to advancing Islamic banking practices with a focus on digital innovation,” said Khairul Kamarudin, CEO of Bank Muamalat. “Backbase’s platform aligns with our goal to launch the digital Islamic banking platform by year-end.”
Backbase & Mambu: A Powerful Partnership
Backbase serves over 120 financial institutions worldwide, including several Islamic banks. Their platform’s flexibility allows for customization to meet the specific needs of Islamic banking. Riddhi Dutta, Regional Vice President of Backbase Asia, commented, “Our partnership with Bank Muamalat exemplifies our commitment to supporting Islamic banks in their digital transformation endeavors.”
Mambu, a key player in cloud-native core banking, will complement Backbase’s platform by providing digital core capabilities. This cloud-based transformation will not only enhance services but also lead to cost savings and operational efficiency for Bank Muamalat.
Looking Forward
“The endorsement from Bank Negara Malaysia underscores the trust in both Mambu and Backbase,” said Perminder Grewal Dallow of Mambu. “We look forward to a strong partnership with Bank Muamalat as it modernizes its technology foundation.”
This combined offering positions Bank Muamalat for a seamless transition to modern banking standards. With a future-proof digital banking solution, the bank is well-equipped to meet the needs of today’s digital-savvy consumers in the evolving banking landscape.
