Bank Muamalat in Malaysia has officially launched Atlas, claimed to be the country’s first Islamic digital-only bank focused on faith and lifestyle alignment.
The digital bank has been developed in partnership with Dutch front-end banking solutions provider Backbase, and uses the vendor’s AI-powered banking platform, launched in April.
This partnership, established last year, adds Bank Muamalat to Backbase’s client portfolio of around 150 financial organisations, which includes Tirana Bank, Alliant Credit Union, and AlRayan Bank.
According to Backbase, Atlas plans to expand its services in the “coming months” to include flexible personal financing options, digital debit and credit cards, and a Shariah-compliant gold investment account.
Established in 1999, Bank Muamalat operates 68 branches across Malaysia, providing retail customers with deposit accounts, investments and financing options, while offering corporate clients cash management, payment solutions, and foreign exchange services.
In a separate development last year, Bank Muamalat entered into a multi-year agreement with Google Cloud to enhance its capabilities in AI, cybersecurity, data management, and marketing.
Source: https://www.fintechfutures.com/
