Bank Muamalat has said that it is planning to launch a modern digital Islamic banking super app, intended to enhance its retail banking solutions. This came alongside the bank’s announcement of its new partnership with a new-generation engagement banking platform, Backbase, in a bid to streamline and advance its digital Islamic banking services.

According to Bank Muamalat, the super app will enable it to offer personalised banking journeys that are tailored to the unique preferences and needs of its customers. It also aims to go beyond traditional banking services, offering “holistic life empowerment features – from financial, faith, and the added assurance of security and peace of mind – in every transaction”. Bank Muamalat hopes to eventually extend these innovations to both its commercial and SME banking segments in the future.

On its partnership with Backbase, Bank Muamalat said that the company is set to support its digital transformation with an anchor platform that facilitates end-to-end processes, including onboarding, transactions, financing, as well as backend consumer servicing and engagement. In turn, this will allow the bank to create customised and unique customer journeys that are secure, consistent, and scalable.

“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,” said president and chief executive officer of Bank Muamalat, Khairul Kamarudin.

Meanwhile, the regional vice president of Backbase (Asia), Riddhi Dutta commented that the company has had the privilege of collaborating with and serving more than 120 financial institutions, including Islamic banks like the Libyan Islamic Bank, Bank Al Bilad, and Saudi National Bank. As such, the Backbase team are able to grasp the unique needs and challenges faced by such banks.

“Our engagement banking platform is designed with flexibility at its core, offering pre-built journeys and microservices that can be customised to meet the unique requirements of Islamic banking. Our partnership with Bank Muamalat exemplifies our commitment to support Islamic banks in their digital transformation endeavours,” said Dutta.

To note, Bank Muamalat’s alliance with Backbase will also be complemented by an existing collaboration between the bank with Google Cloud industry solutions provider, Mambu. This separate partnership seeks to provide Bank Muamalat with the ability to leverage Google Cloud’s integrated capabilities in modern infrastructure, data analytics, security, and generative AI to deliver more inclusive banking services to Malaysians.

Meanwhile, Bank Muamalat currently has its own i-Muamalat mobile banking app, which you can download from Google Play, the App Store, and the Huawei AppGallery. It also has standalone apps, including its shariah-compliant gold investment mobile app, EasiGold, which was launched back in 2022.

(Sources: FintechNews Malaysia, Media OutReach Newswire)

• TAGS:
• Backbase
• Bank Muamalat
• Financial Superapps
• Khairul Kamarudin
• Mambu
• Mobile Banking
• Mobile Banking App
• Riddhi Dutta