The strategic collaboration serves as a launching pad for Sedania As Salam to incorporate Mambu’s SaaS banking platform that will form the core system in its solution architecture, where its Tawarruq platform can easily integrate with Mambu through a single API.

According to Sedania As Salam CEO, Nisa Ismail, the dynamic nature of the banking industry is subject to greater disruption by new entrants, especially since COVID-19 has accelerated digital adoption.

"Our collaboration with Mambu aims to reimagine core banking systems that are rigged against legacy infrastructure by providing technological accessibility geared to the needs of our financial service institutions partners," says Nisa.

Nisa further explains that the innovative collaboration signifies a new era of Islamic banking, as the elimination of high IT infrastructure investments and an accelerated time to market could well intensify the growth of Shariah-compliant financial solutions.

"We are excited because the distinctive nature of this partnership would also allow us to join Mambu’s extensive marketplace that can substantially elevate our As-Sidq Tawarruq Platform at global standing," she added.

Mambu is the world’s leading SaaS banking platform that empowers tech-forward financial institutions to design and service nearly any financial product.

Mambu’s Managing Director APAC, Myles Bertrand, is a vocal proponent of innovative collaborations in the fintech space, and is excited about the possibilities created by Mambu’s partnership with Sedania.

“We’re delighted to be joining forces with Sedania to further the growth of Shariah-compliant financial solutions in Malaysia. Sedania has a proven track record of technological innovation in a range of sectors, and we believe our partnership will have a positive transformative impact on financial services in Malaysia, particularly in the area of Islamic finance,” says Bertrand.