SINGAPORE, December 12, 2022 – Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds managed by Apax Partners, announced today that National Bonds, the UAE’s leading Shariah-compliant savings and investment company owned by the Investment Corporation of Dubai, has selected Azentio’s market leading Islamic Banking solution, iMAL, to support its quest to improve process efficiency, enhance internal controls and deliver an exceptional customer experience as part of National Bonds ambitious growth strategy.

Azentio’s iMAL is the industry-leading digital Islamic banking and finance platform, and the first certified by AAOIFI (Accounting & Auditing Organization for Islamic Financial Institutions). The company’s scalable, flexible and unified platform will provide National Bonds with the business agility it requires and will allow it to meet Shariah compliance requirements, ensure faster roll-out of Islamic products and services, in addition to providing exemplary customer service. The platform will ensure that countless tasks are seamlessly automated, enabling configuration without additional programming capabilities, and delivering innovation and value for every user in the system, with reduced complexity.

Mohammed Qasim Al Ali, Group CEO of National Bonds, said, “Technology has led a monumental change in the world of finance. At National Bonds, we recognize the importance of adopting advanced technology as it helps us not only improve internal processes but also our speed to market and overall market standing. Our partnership with Azentio is another step in our journey of innovation and with Azentio’s Islamic Banking solution, we are expecting to drive successful transformation through better operational performance, which will benefit our employees and customers as well as our external stakeholders.”

Tony Kinnear, Chief Executive Officer of Azentio Software, commented, “Azentio is delighted to partner with National Bonds and support the UAE government’s initiative to continually strengthen the country’s financial sector. We are confident that the selection of Azentio’s iMAL solution will help National Bonds adapt quickly to evolving customer needs for innovative Shariah-compliant products and services and offer a superior level of service.”

The project implementation will be completed in two phases over a 12-month period. Modules to be implemented include Islamic Profit Calculation & Distribution, Business Process Management, Budgeting, Fixed Assets Procurement & Management, Customer Relationship Management, Reporting, and integration with National Bonds’ external systems and digital channels.

 

About Azentio Software

Azentio provides mission-critical software products across Asia Pacific, Middle East, Africa and India to Islamic and conventional banks, financial services providers and insurers. It also provides ERP solutions to mid-market enterprises. The flexibility that comes from its software platforms allows a host of applications to work with a single source of data and equips clients with workflow, analytics, document management and flexible integration mechanisms. Azentio Software Private Limited is wholly owned by funds advised by Apax.

About National Bonds Corporation PSC

National Bonds Corporation is a Shariah-compliant savings and investment company established in 2006. It is 100% owned by the Investment Corporation of Dubai, the investment arm of Dubai government. It is a regulated financial institution by the Securities and Commodities Authority of the UAE, and is audited by Dubai Government Audit Department, Shariah Supervisory Board as well as reputable international external auditors. The company provides UAE nationals, UAE residents and non-residents with an opportunity to build and fortify their savings safety net, as well as invest in programs that offer competitive returns with lower risk. Its goal is to encourage a disciplined savings habit for people across the seven Emirates, in line with the UAE Government vision for a financially secure and sustainable future. National Bonds offers an exciting AED 35 million Rewards Program to all savers, with monthly and quarterly prizes ranging from AED 1 million to various luxury cars.