MFMi Group picks Mambu to power new suite of Islamic products

Malaysian firm MFMi Group has charged technology firm Mambu with underpinning its new digital Islamic financial services venture.

Around two million people in Malaysia are underbanked

The group is part of wider fintech company MFM Synergy, and plans a series of Islamic financial products.

MFM Tawreeq, a Sharia-compliant factoring solution, is the first to launch. MFMi Group plans the building and release of a digital wallet to follow.

Kasful Khairi, group executive director and founder of MFMi Group, says that deploying a core system from Mambu is “a start”.

MFMi Group aims to serve the underbanked in its home country with Sharia services in the wake of the coronavirus pandemic.

Around 8% of Malaysians are underbanked, which accounts for two million people, according to Bank Negara Malaysia figures.

Worshipped by around 60% of the population, Islam is the official religion of Malaysia. More than 15 banks focused on Islamic finance operate in the country.

“We are completely focused on becoming a digital Islamic financial services provider,” says group managing director, Ahmad Tarmizee.

He adds that the firm selected Mambu because it offers flexibility and is easily scalable.

“We’re excited to take our first step into digital Islamic financial services with Mambu’s powerful, cloud-native platform as our foundation.”

Mambu’s APAC managing director Myles Bertrand says it shares with MFMi Group “a common goal of enhancing financial inclusion for under-served communities”.