Bank Muamalat & Google Cloud to implement digital islamic banking services

By Gloria Mathias

Bank Muamalat Malaysia Berhad (Bank Muamalat) has announced a multi-year collaboration with Google Cloud to accelerate its transformation into a digital Islamic bank.

This collaboration aims to leverage Google Cloud’s integrated capabilities in modern infrastructure, data analytics, security, and generative AI (gen AI) to deliver personalised and inclusive digital banking services to Malaysians.

Bank Muamalat’s holistic cloud transformation also encompasses the adoption of solutions from Mambu, a Google Cloud industry solutions partner, and Backbase, underscoring its commitment towards delivering digital banking solutions aligned with Shariah principles.

“It’s our mission to bring digital banking’s full range of benefits to Malaysia’s Islamic banking market,” said Khairul Kamarudin, President and Chief Executive Officer, Bank Muamalat Malaysia Berhad. “By having our digital core systems and front-end running on Google Cloud, we anticipate streamlined IT operations and enhanced responsiveness, laying the foundation for innovation with enterprise-grade Gen AI and ultimately delivering superior banking experiences.”

To deliver customer-centric banking products and services, Bank Muamalat is making a shift to a cloud-based operating model. This involves migrating Bank Muamalat’s digital applications and databases to Google Cloud and integrating them with Mambu’s digital core banking platform and Backbase’s engagement banking platform to power Bank Muamalat’s new range of Islamic financing and deposit offerings.

With built-in data access controls and customer-managed encryption keys, Google Cloud and Mambu’s digital core banking platform are designed to meet the financial services sector’s rigorous security and compliance requirements. To further strengthen its security posture, Bank Muamalat is planning to deploy Google Cloud’s Chronicle Security Operations and Security Command Centre Premium platforms, integrated with Mandiant Threat Intelligence, for threat detection, investigation, and response capabilities.

“Mambu has emerged as a leader in enabling cloud-based banking, contributing to the success of established financial institutions in more than 65 countries,” said Fernando Zandona, Chief Executive Officer, Mambu. “As one of the pioneering traditional banks in Southeast Asia to adopt Mambu’s cloud banking platform, underpinned by Google Cloud, Bank Muamalat can now speed up its time to market for new products and services, streamline IT operations, and build delightful customer experiences.”