This partnership, together with Mambu's core banking transformation, represents a critical turning point in Bank Muamalat's endeavor to modernize its digital Islamic banking services.

Bank Muamalat is driven by their objective to deliver an unparalleled customer-centric experience. They innovate towards a unified Islamic digital banking experience by bridging traditional banking practices and silos through the use of platform technology. With the Backbase Engagement Banking Platform acting as the main platform, Bank Muamalat can design distinctive and personalized customer journeys that are secure, consistent, scalable, and enable end-to-end processes like onboarding, financing, transactions, and backend consumer servicing and engagement.

A cutting-edge digital Islamic banking super app that aims to improve the bank's Retail Banking offerings is essential to its digital transformation.This significant change gives the bank the freedom and autonomy to implement its long-term strategy while enabling them to provide customized banking experiences that are catered to the individual tastes of each of their clients. In addition to typical banking services, the aim is to provide holistic life empowering features, faith-based services, and the extra guarantee of security and peace of mind with every transaction, in order to meet the needs of Malaysia's diverse customer base. Furthermore, Bank Muamalat plans to use these technologies in the near future across its SME and commercial banking areas.

The president and CEO of Bank Muamalat, Khairul Kamarudin, stated,Our goal is to make Islamic banking processes more customer-focused, cutting edge, and contemporary while still keeping an eye on the demands of our wide range of customers. The Backbase Engagement Banking Platform's capacity to "adopt and build" is a strategic advantage that fits with our plan to introduce the digital Islamic banking platform before the end of the year.

Bank Muamalat's dedication to innovation and constant development in all aspects of their offerings—including services, products, and customer experiences—is what is causing the seismic change towards faster technical advancements. The eight strategic thrusts that constitute the foundation of this change include improving customer centricity, enabling Islamic banking for all, and accelerating business growth.The bank's goal to not only meet but also surpass the expanding demands and expectations of its expanding clientele is emphasized by these priorities.

Presently, Backbase provides services to more than 120 financial institutions across the globe, including a rising number of Islamic banks like Saudi National Bank, ila Bank, Libyan Islamic Bank, and Bank Al Bilad. Leading banks in the Asia-Pacific area, such as ABBANK, BDO Unibank, Bank of the Philippine Islands, China Bank, EastWest Bank, HDFC Bank, JudoBank, OCB, Techcombank, and TPBank, are also part of Backbase's vast global reach.

Backbase's Riddhi Dutta, Regional Vice President of Asia, said, "To remain competitive, Islamic banks, particularly in Asia, are eager to improve their digital banking offerings.Backbase has had the honor of working with Islamic banks all across the world, where we have learned so much about their particular requirements and difficulties. Flexibility is a fundamental component of our Engagement Banking Platform, which offers pre-built journeys and microservices that can be tailored to satisfy the particular needs of Islamic banking. Our collaboration with Bank Muamalat is a prime example of our dedication to helping Islamic banks with their digital transformation initiatives. We also have a great deal of respect for Malaysia's dynamic Islamic banking culture and dynamics, which serve as a model for innovation and expansion in the worldwide Islamic finance industry.

Backbase for progressive modernization and customer-centric Engagement Banking, and Mambu for digital core capabilities, are all part of Bank Muamalat's comprehensive cloud-based transformation.Its banking services and product offerings are improved by switching to a cloud-based paradigm, which also results in significant cost savings and increases in operational efficiency. Furthermore, it enables Bank Muamalat's engineers to meet regulatory standards and strengthen its security controls—crucial for a financial institution—by utilizing Mambu's digital core to expedite software development cycles.

"Mambu is a major force in the cloud-native core banking market, powering banks in 65 nations at the moment. Perminder Grewal Dallow, Director of Solutions Engineering at Mambu, stated, "We look forward to enabling Bank Muamalat to build innovative products and services, streamline IT processes, and craft exceptional customer journeys—as one of the first traditional banks in Southeast Asia to adopt our cloud banking platform."The confidence and assurance in Mambu and Backbase is further demonstrated by Bank Negara Malaysia's endorsement to pursue this initiative, which is the regulatory agency overseeing Malaysia's financial industry. We anticipate working closely with Bank Muamalat as it updates its technological base.

Mambu is a key player in this path of transformation as one of Backbase's most important core partners. With the help of Mambu's core banking platform and Backbase's engagement banking solutions, banks of all sizes may break free from isolated, outdated cores and embark on a comprehensive digital transformation.The collaboration between Backbase and Mambu offers a fully integrated, end-to-end cloud-native digital banking solution on an open architecture, ensuring a smooth and future-proof transition to contemporary banking standards. Banks are better equipped to address the changing demands of the modern, tech-savvy customer and the larger banking environment with this unified offering.