Delivering Shari ’ ah-Compliant Financial Solutions
Delivering Shari ’ ah-Compliant Financial Solutions
Rohit Bhadauria , Senior Manager , Financial Services Product Management , outlines how Mambu is evolving to deliver Shari ’ ah-compliant financial solutions
Founded back in 2011 , Mambu is a true SaaS , cloud-native banking platform , leveraging principles of composability that allow customers to build modern financial experiences . In recent years , the firm has recognised a need for the delivery of Shari ’ ah-compliant financial solutions that can aid providers of Islamic finance and banking .
As a result , Mambu is expanding the capabilities of its core platform to seamlessly blend agile , innovative technology architecture with the traditional values of Shari ’ ah law , meaning Islamic banking providers will be able to build products that meet end-user demand .
“ To redefine Islamic banking in today ’ s environment , our solutions have been constructed using a SaaS model to ensure Islamic banks
and financial institutions can efficiently build and launch the products their audience demand ,” explains Rohit Bhadauria , Senior Manager , Financial Services Product Management at Mambu . “ We bring adaptability and compliance together to allow for flexible adaptation to market changes and customer needs .”
Ensuring Shari ’ ah compliance At their core , Islamic funding contracts require Islamic profit sharing capabilities . In other words , the profit on deposit accounts must be calculated , applied and distributed according to Islamic rules . Mambu is enhancing its cloud banking platform to support this practice in full , allowing financial institutions to offer Shari ’ ah-compliant deposit products to customers .
“ As with all socially-responsible practices , it ’ s crucial customers feel secure with their financial partner in safeguarding their earnings ,” says Bhadauria . “ When powered by Mambu , users will get the convenience of daily banking or savings accounts that adhere to Islamic values .”
With worldwide Islamic finance assets expected to hit US $ 3.47 trillion this year , demand for Shari ’ ah-compliant financial offerings is at an all-time high . As a business founded on the principle of increasing financial accessibility , it ’ s of utmost importance for Mambu to offer Shari ’ ah-compliance as a solution to customers .
Bhadauria concludes : “ Aligning with Islamic law and Shari ’ ah rules will serve customers with practices in line with ethical values , satisfying end users with modern and seamless banking experiences .”