{"id":15069,"date":"2023-01-09T05:00:00","date_gmt":"2023-01-09T05:00:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/3979779_AE79779_0"},"modified":"2023-01-09T05:00:00","modified_gmt":"2023-01-09T05:00:00","slug":"azentio-softwares-imal-r14-6-awarded-aaoifis-compliance-certification-for-2023","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=15069","title":{"rendered":"Azentio Software&#8217;s iMAL\u2122 R14.6 awarded AAOIFI&#8217;s compliance certification for 2023"},"content":{"rendered":"<table name=\"logo_release\" border=\"0\" cellspacing=\"10\" cellpadding=\"5\" align=\"right\">\n<tbody>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mma.prnasia.com\/media2\/1978771\/Azentio_Logo.jpg?p=medium600\" border=\"0\" alt title=\"logo\" hspace=\"0\" vspace=\"0\" width=\"118\"><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"xn-location\">SINGAPORE<\/span>, <span class=\"xn-chron\">Jan. 9, 2023<\/span> \/PRNewswire\/ &#8212;&nbsp;<a href=\"https:\/\/www.azentio.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Azentio Software<\/a> (&#8216;Azentio&#8217;), a <span class=\"xn-location\">Singapore<\/span>-headquartered technology firm owned by funds advised by <a href=\"https:\/\/www.apax.com\/\" target=\"_blank\" rel=\"nofollow noopener\">Apax Partners<\/a>, announced today that iMAL\u2122 R14.6, the latest version of the company&#8217;s Islamic core banking platform, has successfully gone through the annual compliance exercise and received the certification for the year 2023 from the Accounting and Auditing Organization for Islamic Financial Institutions &#8211; <a href=\"https:\/\/aaoifi.com\/?lang=en\" target=\"_blank\" rel=\"nofollow noopener\">AAOIFI<\/a>, the world&#8217;s leading Islamic finance standard-setting body.<\/p>\n<p>This certification reflects the adherence of iMAL\u2122 R14.6 to existing as well as the newly issued AAOIFI&#8217;s Shariah and Financial Accounting Standards, which include:<\/p>\n<ul type=\"disc\">\n<li>Financial Accounting Standard (FAS) 1 &#8211; General Presentation and Disclosures in the Financial Statements<\/li>\n<li>FAS 39 &#8211; Financial Reporting for Zakat.<\/li>\n<\/ul>\n<p>Both new standards relate to financial reporting with the objective to make the financial statements of institutions transparent, fair, understandable and comparable. This certification proves yet again that iMAL\u2122&#8217;s dynamic reporting system fully complies with these standards.<\/p>\n<p>iMAL\u2122 R14.6 focuses on taxation, reporting, dashboards, access privileges and automating manual processes. It includes enhancements to improve operational turnaround times by optimizing technical processes, making them more efficient and secure.<\/p>\n<p><b><span class=\"xn-person\">Omar Mustafa Ansari<\/span>, Secretary General, AAOIFI,<\/b>&nbsp;commented, &#8220;We are pleased to complete the review of the version 14.6 of iMAL\u2122 for the year 2023 to ensure its compliance with AAOIFI&#8217;s Shariah and Financial Accounting Standards. By following and implementing AAOIFI standards in the right manner, we believe iMAL\u2122 is mitigating Shariah non-compliance risks. AAOIFI standards are now followed in no less than 50 jurisdictions around the world and iMAL\u2122&#8217;s compliance with AAOIFI standards places it above others in these jurisdictions. Our continued collaboration is a testament to Azentio&#8217;s ongoing commitment to follow best practices not only for itself but also for its clients which are the world&#8217;s leading Islamic financial institutions.&#8221;<\/p>\n<p><b><span class=\"xn-person\">Tony Kinnear<\/span>, Chief Executive Officer of Azentio,<\/b>&nbsp;stated, &#8220;Achieving AAOIFI certification for the latest version of iMAL\u2122, signifies our commitment to provide our clients with the most advantageous blend of advanced technologies and Shariah-compliant processes. We ensure that any financial institution running on iMAL\u2122 has confidence that its products and transactions adhere to AAOIFI&#8217;s evolving Shariah and accounting standards. The certification should automatically provide confidence to all stakeholders that relevant Shariah compliance controls and checks are adhered to by our clients.&#8221;<\/p>\n<p><a href=\"https:\/\/mma.prnewswire.com\/media\/1978771\/Azentio_Logo.jp\" target=\"_blank\" rel=\"nofollow noopener\">&nbsp;<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SINGAPORE, Jan. 9, 2023 \/PRNewswire\/ &#8212;&nbsp;Azentio Software (&#8216;Azentio&#8217;), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, announced today that iMAL\u2122 R14.6, the latest version of the company&#8217;s Islamic core banking platform, has successfully gone through the annual compliance exercise and received the certification for the year 2023 from the Accounting and Auditing [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-15069","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - 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