Bank Muamalat Partners with Backbase, to Strategically Lead Malaysia’s Next-Gen Digital Islamic Banking

 

 

KUALA LUMPUR, MALAYSIA, Radarseluma.Disway.id, - In a strategic move towards becoming a leading, next-generation digital Islamic Bank for all, Bank Muamalat MALAYSIA Berhad (Bank Muamalat) has announced a long-term partnership with Backbase, the global leader in Engagement Banking. This collaboration, together with Mambu for its core banking transformation, marks a significant milestone in Bank Muamalat's journey to revolutionize its digital Islamic Banking offerings.

 

Driven by their mission and the desire to create an unmatched customer-centric experience, Bank Muamalat leverages platform technology to innovate towards a unified Islamic digital banking experience, bridging silos, and traditional banking practices. With the Backbase Engagement Banking Platform serving as the anchor platform, facilitating end-to-end processes including onboarding, transactions, financing, as well as backend consumer servicing and engagement, Bank Muamalat is equipped to create customized and unique customer journeys with security, consistency, acceleration, and scalability.

 

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Central to the bank's digital transformation is a modern digital Islamic banking super app aimed at enhancing its Retail Banking solutions. This pivotal shift enables the bank to offer personalized banking journeys, tailored to unique preferences of its customers, while empowering the bank with freedom and control in putting their long-term vision into action. The goal is to cater to the needs of diverse consumers in Malaysia beyond traditional banking services, including holistic life empowerment features, from financial, faith and the added assurance of security and peace of mind in every transaction. In addition, Bank Muamalat has set its sights on extending these innovations to its commercial and SME banking segments in the near future.

 

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."

 

The seismic shift towards rapid technological advancements is driven by Bank Muamalat's commitment to continuous improvement and innovation across their products, services, and customer experiences. This transformation is anchored by eight strategic thrusts, among which are Accelerating Business Growth, Enabling Islamic Bank for All, and Enhancing Customer Centricity. These priorities underscore the bank's mission to not only meet but exceed the broadening needs and expectations of its growing customer base.

 

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