Tuum expands Islamic banking suite
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This marks a major milestone following last year's announcement of Tuum's foundational Islamic Banking capabilities.
The Islamic finance sector is projected to reach $5.9 trillion by 2026, driven by increasing demand for ethical, interest-free financial services across both established and emerging markets. However, legacy technology limitations, coupled with a lack of scalable digital solutions, have hindered Islamic banks' ability to modernize, innovate, and meet evolving customer expectations.
Innovation and Compliance: Advancing Islamic Banking with Modern Technology
Tuum's Islamic Banking suite is designed to empower financial institutions with a cloud-native, highly flexible, and scalable platform that ensures seamless compliance with Sharia principles. Built to support both fully Islamic banks and Islamic banking windows, Tuum's modular core enables institutions to launch and scale Islamic banking products with agility.
As part of its commitment to delivering best-in-class solutions, Tuum has partnered with DDCAP Group, a leading facilitator of asset-backed, Sharia-compliant transactions. This collaboration enhances Tuum's capabilities by enabling automated Tawarruq execution, streamlining trade execution, asset registry, and settlement tracking while ensuring full Sharia compliance.
"As demand for Sharia-compliant banking solutions continues to grow, financial institutions need a core banking platform that balances compliance with innovation," said Miljan Stamenkovic, VP Sales at Tuum. "Tuum's modern, cloud-native technology provides that foundation, while our partnership with DDCAP further strengthens our offering by automating key Islamic financing workflows.'
Key Differentiators of Tuum's Islamic Banking Solution
The expanded offering now includes dedicated Islamic Accounts & Deposits—covering Mudarabah, Wakalah, Wadiah, and Qard Hassan—as well as an advanced Islamic Lending module featuring Tawarruq-based consumer finance. These additions position Tuum as one of the few cloud-native core banking platforms capable of supporting both full-fledged Islamic banks and Islamic banking windows.
● Islamic Deposit Accounts - Support for Mudarabah, Wakalah, Wadiah, and Qard Hassan accounts with automated profit-sharing.
● Real-Time Islamic Profit Calculation & Distribution - Ensures precise and transparent profit-sharing, aligned with Sharia principles
● Standalone Profit-Sharing Module - A unique module that integrates with any core banking system to enable automated Mudarabah and Wakalah-based profit distribution.
● Automated Sharia Compliance - Built-in validations to streamline compliance with AAOIFI standards, reducing manual intervention and audit complexities.
● Tawarruq-Based Financing - Digitized execution of Murabaha and Istisna transactions, ensuring seamless compliance.
● Unified Lending Framework - Embeds Islamic financing within Tuum's existing loan and finance module, allowing financial institutions to manage both conventional and Islamic financing in a single system.
Unlocking Growth in the Islamic Banking Sector
Tuum's entry into the Islamic Banking space aligns with its broader expansion into the Middle East and North Africa (MENA) region, where demand for digital-first, Sharia-compliant banking solutions is on the rise.
Tuum's cloud-native platform is designed for flexibility, offering deployment on locally available hyperscalers—including Google Cloud, AWS, OCI, and Azure—as well as private cloud options, ensuring compliance with regional data residency requirements.
With its scalable architecture, best-of-breed ecosystem partners like DDCAP, and deep regional expertise, Tuum is well-positioned to empower financial institutions looking to modernize their Islamic Banking offerings.
What's Next?
Building on this launch, Tuum is already developing Islamic Card solutions, including Islamic debit cards, Ujrah-based credit cards, and Tawarruq credit cards. These will be introduced in line with Tuum's 2025 product roadmap.
Tuum's presence at Seamless Middle East underscores its vision of banking without limits—helping institutions modernize their technology, enter new markets, and deliver financial products that truly resonate with their customers.
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