MFMi Group, part of leading Malaysian fintech specialist MFM Synergy, has announced it has chosen Mambu’s pure SaaS cloud-native banking platform to underpin its new digital Islamic financial services. Starting with a digital Sharia Compliant Factoring product, ‘MFM Tawreeq’, the company is also building an Islamic digital wallet and has a strategic plan to launch a suite of complementary Islamic financial services products over the next five years.
“As a start, enabling a core banking system with Mambu will help us to deliver tailor-made solutions to our customers,” said Mr Kasful Khairi, the Group Executive Director and Founder of MFMi Group.
In the wake of the COVID-19 pandemic which has resulted in a ‘new normal’, MFMi Group aims to add value to the Islamic fintech and Sharia Compliance ecosystems by digitising Islamic financial services, in turn enhancing financial inclusion for often-underserved and underbanked consumers.
Mr Ahmad Tarmizee, the Group Managing Director and Founder of MFMi Group, said, “We are completely focused on becoming a digital Islamic financial services provider, and we have selected Mambu’s composable banking platform because it offers flexibility and is easily scalable. We’re excited to take our first step into digital Islamic financial services with Mambu’s powerful, cloud-native platform as our foundation.”
Myles Bertrand, Managing Director, APAC, of Mambu, added, “We are looking forward to working with MFMi Group as they begin their digital Islamic financial services journey. We share a common goal of enhancing financial inclusion for under-served communities, so we take great pride in having been chosen by MFMi Group to underpin its new suite of product offerings.”