Mambu achieved unicorn status in January.

SaaS banking software provider Mambu announced Monday the launch of the cloud-native, Shariah-compliant version of its banking platform. The solution enables Islamic banks and lenders across the world to offer banking that is fully compliant with all the tenets of Islamic banking and was made available from the end of 2020. (Trade Arabia)

With this product, Mambu is addressing the twin needs of these entities for technical advancement through digitization as well as meet centuries-old religious pronouncements.

It will also serve the need for banking solutions of over 1.8 billion Muslims worldwide that are financially underserved and are looking for alternative Sharia-compliant solutions to manage their money.

Bank Islam one of the first customers for the Shariah product

Mambu said Bank Islam Malaysia Berhad, a Malaysia-based bank that is currently in the process of launching a new 100% digital Shariah-compliant bank, is one of the earliest customers to avail of its new Islamic offering.

Mambu’s Shariah platform enables Bank Islam to offer Shariah-compliant products to its customers through a platform-based process.

Bank Islam can use a cloud-native product that is customizable for quickly adding components and services that are ethically acceptable to its clientele.

“We view digitization as a competitive advantage that is helping Bank Islam reach new customers and provide them with products that are aligned with their values,” said Bank Islam’s Chief Executive Officer, Mohd Muazzam Mohamed.

“This gives us a unique opportunity to create an open banking ecosystem to grow business and operate like a modern, platform-based tech company,” he added.

“We are delighted that Bank Islam has chosen Mambu’s platform to build their CDX’s greenfield operations on,” said Elliott Limb, Mambu’s Chief Customer Officer. “Bank Islam continues to push itself to be the leading Islamic bank in the region and the CDX solution will make strides.”

Mambu a unicorn

In January, Mambu raised €110 million in a round led by TCV. Additional investment was received from Tiger Global and Arena Holdings. Existing investors Bessemer Venture Partners, Runa Capital, and Acton Capital Partners also participated.

The funding propelled Mambu’s valuation to €1.7 billion, bestowing on it the coveted status of a fintech unicorn.

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