RETAIL & CORPORATE LENDING DIGITAL TRANSFORMATION OF MAISARAH ISLAMIC BANKING SERVICES (MIBS)
A case study on ACP’s successful rollout with Maisarah Islamic Banking Services (MIBS) for the Corporate & SME units.
Background
Maisarah Islamic Banking Services (MIBS) is one of the fastest-growing Islamic windows in Oman, with a broad range of Sharia-compliant financial products and solutions in Corporate banking, Retail banking, Investment banking, and Treasury. Aiming to be at the forefront of the lending market, MIBS decided to launch a careful selection process to move from a manual and outdated process to a fully automated credit process.
The bank selected Axe Finance to implement its Axe Credit Portal (ACP) software, which ensures a fully automated credit process, thereby enhancing its competitiveness in the market. By adopting Axe Finance’s end-to-end digital lending solution, MIBS can rely on a well-established leader in the Middle East region to ensure smooth, seamless, and successful digital transformation in its Retail and Corporate business lines.
KEY CHALLENGESMIBS trusts ACP support its objective of being the best Islamic bank in the region, leveraging top-notch lending technology to drive future growth, with their specific requirements as the following:
HOW ACP DIGITAL LENDING SOFTWARE EFFECTIVELY TACKLED THESE CHALLENGES HEAD ON
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Axe Finance has been instrumental in guiding Maisarah Islamic Banking Services through a holistic credit and financing digital transformation journey, leading to a significant enhancement in its asset performance and a departure from manual credit processing methods. The implementation of Axe Credit Portal (ACP) has played a pivotal role in this transformation, with its flexible workflows and limitless zero-code configuration options allowing all Islamic banking products, classifications, structures, and hierarchies to be seamlessly managed and defined in accordance with MIBS’ policies.
Axe Credit Portal efficiently covers collateral creation and valuation, as well as the omnichannel journey, ensuring a smooth and efficient lending process thanks to mACP, the dedicated mobile application for all the bank staff. Recently, the first milestone for Corporate and SME Credit automation was successfully achieved, followed by comprehensive training sessions to ensure the seamless adoption of ACP by all credit stakeholders at Maisarah Islamic Banking Services.
