Kurdistan Bank teams up with Azentio for iMAL banking solution.

Kurdistan International Islamic Bank (KIB) has partnered with Azentio Software to implement the iMAL core banking platform. The system will help KIB launch new Sharia-compliant products across finance, investments, deposits, treasury and capital markets. It will also incorporate a financial crime management and anti-money laundering (AML) system, which includes know your customer (KYC), sanctions screening, risk scoring and case management capabilities. The partnership will enable KIB to improve operational efficiency and adhere to the demands of digital transformation, according to Azentio Managing Director Krish Narayanaswami. Chairman of the Board at KIB, Sheikh Salar Hakim, said the move towards digital transformation will improve competitiveness and simplify banking operations. KIB had previously used iMAL before signing for BML Istisharat’s ICBS core banking system in 2022.