Codebase Technologies MD for MENA, Tamer Al Mauge, added, “We are thrilled to partner with Al Amthal, a major player in Islamic financing in KSA, to revolutionize their lending business. Our Digibanc platform’s omnichannel and digital onboarding components, coupled with instant credit decisioning and loan disbursement capabilities, will not only enhance Al Amthal’s market position, but also offer their customers an exceptional digital experience.”

Codebase Technologies will leverage the omnichannel component of their Digibanc fintech and banking platform to provide Al Amthal customers with seamless digital experiences accessible through web and mobile channels. To ensure compliance and security, Digibanc’s API integration layer will be used to seamlessly integrate with external agencies like SIMAH, Nafath, and Yakeen.

“Al Amthal Financing aims to position itself as one of the leading Islamic financial institutions in the region and engaging Codebase Technologies and Raqmiyat will accelerate the organization’s long-term digital transformation strategy, enabling the lender to stay ahead of the curve in the rapidly evolving digital financial landscape,” commented Acting General Manager & Vice President of Sales at Raqmiyat, Bahaa Eddine Al Indary.

Al Amthal is taking a leap forward in digital finance by deploying the solution on a cloud infrastructure. This move positions the organization as an early adopter of cloud banking technology in KSA. The dynamic scaling capabilities of the cloud enable Al Amthal to seamlessly adjust to fluctuations in customer demand, ensuring that their services are always available to customers and are scalable at speed. In addition, the deployment on cloud will help Al Amthal save significant costs on their CapEx and OpEx, and benefit from robust data and customer security features.

“Al Amthal will leverage Digibanc’s in-built, AI-based credit decisioning to optimize the lenders efficiency and improve accuracy for decisioning leading to a reduction in operating costs and increase in revenue. Access through remote onboarding also expands the organization’s market reach and customer base, while improving satisfaction and lowering customer attrition. We commend Al Amthal’s decision to move to the cloud, as this will significantly improve their agility and scalability while ensuring robust security. We are excited to deliver tangible value to Al Amthal and their customers through this transformative partnership,” added Mazen Baalbaki, Territory Sales Manager at Codebase Technologies.