iMALTM R14.6, the most recent version of Azentio Software’s Islamic Central Banking Platform, has received certification for the year 2023 from the Accounting and Auditing Organization for Islamic Financial Institutions, AAOIFI, the leading standards body for Islamic finance in the world. Azentio Software is a Singapore-based technology company owned by funds advised by Apax Partners.
This certification attests to iMALTM R14.6’s compliance with current requirements as well as the most recent Shariah and financial accounting standards from AAOIFI, which include:

• General Presentation and Disclosures in Financial Statements, Financial Accounting Standard (FAS) 1
• Financial Reporting for Zakat (FAS 39).
These two new financial information standards seek to improve the comparability, fairness, and transparency of institutional financial reporting. This accreditation demonstrates once more how fully compliant with these standards the iMALTM dynamic reporting system is.
Tax, reporting, dashboards, access rights, and the automation of tedious operations are the main topics of iMALTM R14.6. The platform has improvements that speed up operational times by streamlining and securing technological procedures.
“We are glad to finish the examination of iMALTM version 14.6 for the year 2023 to assure conformity with AAOIFI Shariah and financial accounting standards,” said Omar Mustafa Ansari, Secretary General of AAOIFI. We believe that iMALTM lessens the risk of Shariah non-compliance by adhering to and applying AAOIFI guidelines in the proper manner. In excess of 50 jurisdictions throughout the world currently adhere to AAOIFI criteria, and iMALTM’s compliance with these requirements distinguishes it from rivals in these jurisdictions. Our ongoing cooperation illustrates Azentio’s ongoing dedication to upholding best practises for both itself and its clients, the foremost Islamic financial institutions in the world.

Source: Prnewswire