Singapore, January 9, 2023 /PRNewswire/ — Azentio Software (“Azentio”), Singapore– Apax Partners-advised fund-owned headquarters technology company today announced that iMAL™ R14.6, the latest version of its Islamic core banking platform, has successfully passed its annual compliance exercises and will be certified for 2023. announced that it has received the Accounting and Auditing Authority of Islamic Financial Institutions – AAOIFI, the world’s leading Islamic financial standard-setting body.
This certification reflects that iMAL™ R14.6 complies with existing and newly issued AAOIFI Shariah and financial accounting standards.
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Financial Accounting Standards (FAS) 1 – General Presentation and Disclosures in Financial Statements
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FAS 39 – Zakat financial reporting.
Both new standards relate to financial reporting with the aim of making the financial statements of financial institutions more transparent, fair, understandable and comparable. This certification once again proves that iMAL™’s dynamic reporting system fully complies with these standards.
iMAL™ R14.6 focuses on taxation, reporting, dashboards, permissions and automation of manual processes. This includes enhancements that improve operational turnaround times by optimizing technical processes to make them more efficient and secure.
Omar Mustafa AnsariExecutive Director, AAOIFI, “We are pleased to complete the review of version 14.6 of iMAL™ for 2023 and to ensure compliance with AAOIFI’s Shariah and Financial Accounting Standards. The AAIOFI Standards are currently complied with in no less than 50 jurisdictions worldwide and iMAL™’s compliance with the AAIOFI Standards is an Our continued cooperation is a testament to Azentio’s ongoing commitment to following the best, not only for ourselves, but for our clients, the world’s leading Islamic financial institution. I practice.”
Tony KinnearCEO of Asentio, “Achieving AAOIFI accreditation with the latest version of iMAL™ signifies our commitment to providing our clients with the most advantageous combination of advanced technology and Shariah-compliant processes. It ensures that all financial institutions involved are confident in their products and transactions are compliant with AAOIFI’s evolving Shariah and accounting standards.The certification ensures that relevant Shariah compliance controls and checks are in place. It should automatically provide all stakeholders with confidence that it is being adhered to by our clients.”
Source Azentio Software Pvt Ltd
