Tuum expands Islamic banking suite
0
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
3 hours ago
- The Guardian
Australia should adopt US policies to attract fossil fuel dollars, says chief of ‘carbon major' Chevron
The boss of Chevron, one of the world's biggest oil and gas companies that reported earnings of $9bn in the last six months, has had a few gripes about Australia that he wanted to get off his chest. In an 'exclusive' interview with The Australian this weekend, the company's chief executive Mike Wirth argued he wanted Australia to be more like the US and the Middle East – and, if it was, then it would be in a better position to compete for fossil fuel investment dollars. Wirth revealed he had come from a private meeting with the deputy prime minister, Richard Marles, where he reportedly laid out why he thought Australia should be more like the US or the Middle East. The page one lead story came with a picture of Wirth perched on a leather couch and staring imperiously down the lens. Sign up: AU Breaking News email When readers got to the bottom of the story that continued on page two, there was a disclosure that reporter, Perry Williams, The Australian's chief business correspondent, had 'travelled to Melbourne as a guest of Chevron'. There were no other voices canvassed in the 950-word story, no mention of the climate crisis or the company's record on greenhouse emissions. Perhaps it could be said in one sentence – such as this one – why Australia might not want to have aspirations to be one of the Middle East's authoritarian petrostates? But why might the US be a better place for the company to drill for oil and gas than Australia? What is it, exactly, that Australia should be aspiring to? Under President Trump, the Environmental Protection Agency has been making life easier for companies like Chevron by cutting regulation. This is how the EPA's administrator, Lee Zeldin, described the 'greatest day of deregulation our nation has seen' when some of the changes were outlined in March. 'We are driving a dagger straight into the heart of the climate change religion to drive down cost of living for American families, unleash American energy, bring auto jobs back to the US and more,' Zeldin said. There are some very strong Tony Abbott-era climate science denial vibes right there. Trump has previously described global heating as a hoax and is pulling the US out of the landmark Paris climate agreement. His administration also wants to rescind the so-called 'endangerment finding' – an Obama-era ruling that gives the US government authority to limit greenhouse gas emissions because of the climate crisis. An online portal that held two decades of climate assessments has also been yanked by the Trump administration. To try to justify all these rollbacks, the US Department of Energy last week released a report it had commissioned from a set of scientists known for their contrarian views on climate change. Climate scientists have counted what they say are more than 100 false or misleading claims in the report. So, apparently Australia should aspire to be more like a country that is in the process of cleansing itself of any scientific facts its president doesn't like. Wirth reportedly complained the company's costs had gone up in Australia because of legal challenges to projects from environment groups, rules that mean contractors have to be paid the same as employees if they are doing the same job and changes to the Petroleum Resource Rent Tax. Chevron has never paid PRRT, but will be liable for payments this year, the company has said, after changes brought in by Labor. It might be worth mentioning that when Chevron spoke to a Senate inquiry last year about changes to the PRRT, the company said: 'Our view on the proposed changes, as outlined in the bill, is that they are proportionate and will not curtail future investment.' Sign up to Breaking News Australia Get the most important news as it breaks after newsletter promotion Alex Hillman, lead analyst at the Australasian Centre for Corporate Responsibility, said Chevron's problems were not that Australia was 'uncompetitive' but that its business model was facing 'increasing headwinds'. 'The biggest obstacle for fossil fuel companies like Chevron is not government regulation, but that renewables are increasingly out-competing LNG on cost and offering real energy security for emerging markets,' he said. As well as getting the page one treatment, and an endorsement in the paper's editorial, Chevron also got to defend its failing Gorgon carbon capture project in a lead story in the paper's business section on Monday. That story also came with the disclosure that the reporter had 'travelled to Melbourne as a guest of Chevron'. What is there to say about Chevron's climate record that didn't make it into The Australian's reporting? In Australia, Chevron's LNG plant at Gorgon in Western Australia is the biggest emitting project in the country, and has received the equivalent of millions of dollars in tradable carbon credits under the government's safeguard mechanism. Chevron is known as a 'carbon major' because of the greenhouse gas emissions that come from its current and historical operations. According to a database of historical emissions, Chevron has been responsible for the release of more greenhouse gases than any other independently owned entity (there are three entities that have emitted more than Chevron since the 1850s – Saudi Aramco, China and the former Soviet Union). Chevron has targets to lower the emissions intensity of its oil and gas – that is, reducing the amount of CO2 and methane released during extraction and refining. But a fossil fuel company can still meet an emissions intensity target (for which it could claim, as Chevron does, that it is producing 'lower carbon' energy) while its overall emissions from the extraction, transport, refinement and ultimate burning of its products are going up. Groups advocating for climate action have consistently criticised Chevron for its climate targets and its stated goal to 'grow our oil and gas business'. A report from Oil Change International said Chevron was 'dangerously out of step with climate goals'. The company itself claims its future business strategy can still exist in a future where demand for fossil fuels declines and governments try to reach net zero greenhouse gas emissions by 2050.
Reuters
6 hours ago
- Reuters
Historic drought, wheat shortage to test Syria's new leadership
DUBAI, Aug 18 (Reuters) - Syria faces a potential food crisis after the worst drought in 36 years slashed wheat production by around 40%, squeezing the country's cash-strapped government, which has been unable to secure large-scale purchases. Around three million Syrians could face severe hunger, the United Nations' World Food Programme told Reuters in written answers to questions, without giving a timeframe. Over half of the population of about 25.6 million is currently food insecure, it added. In a June report, the U.N.'s Food and Agriculture Organization estimated, opens new tab that Syria faced a wheat shortfall of 2.73 million metric tons this year, or enough to feed around 16 million people for a year. The situation poses a challenge to President Ahmed al-Sharaa, whose government is seeking to rebuild Syria after a 14-year civil war that saw the toppling of long-time ruler Bashar al-Assad in December. Wheat is Syria's most important crop and supports a state-subsidised bread programme - a vital part of everyday life. Yet Sharaa's government has been slow to mobilise international support for big grain purchases. Reuters spoke to a Syrian official, three traders, three aid workers and two industry sources with direct knowledge of wheat procurement efforts, who said more imports and financing were needed to alleviate the impending shortage. The new government has only purchased 373,500 tons of wheat from local farmers this season, the Syrian government official said, speaking on condition of anonymity. That is around half of last year's volume. The government needs to import around 2.55 million tons this year, the source added. So far, however, Damascus has not announced any major wheat import deals and is relying on small private shipments amounting to around 200,000 tons in total through direct contracts with local importers, the two industry sources said, also declining to be named due to the sensitivity of the matter. The ministry of information did not respond to a request for comment. "Half of the population is threatened to suffer from the drought, especially when it comes to the availability of bread, which is the most important food during the crisis," Toni Ettel, FAO's representative in Syria, told Reuters. So far, Syria has received only limited emergency aid, including 220,000 tons of wheat from Iraq and 500 tons of flour from Ukraine. While Syria consumes around four million tons of wheat annually, domestic production is expected to fall to around 1.2 million tons this year, down 40% from last year, according to FAO figures. "This has been the worst year ever since I started farming," said Nazih Altarsha, whose family has owned six hectares of land in Homs governorate since 1960. Abbas Othman, a wheat farmer from Qamishli, part of Syria's breadbasket region in northeast Hasaka province, didn't harvest a single grain. "We planted 100 donums (six hectares) and we harvested nothing," he told Reuters. Only 40% of farmland was cultivated this season, much of which has now been ruined, particularly in key food-producing areas like Hassakeh, Aleppo, and Homs, the FAO said. Local farmers were encouraged to sell what they salvaged from their crop to the government at $450 a ton, around $200 per ton above the market price as an incentive, the official source said. "In a good year I can sell the government around 25 tons from my six hectares but this year I only managed to sell eight tons," said Altarsha, the Homs farmer. "The rest I had to just feed to my livestock as it wasn't suitable for human consumption," he said, hoping for better rains in December when the new planting season begins. Before the civil war, Syria produced up to four million tons of wheat in good years and exported around one million of that. U.S. POLICY SHIFT In a major U.S. policy shift in May, President Donald Trump said he would lift sanctions on Syria that risked holding back its economic recovery. The U.S. Department of Agriculture estimates Syria will need to import a record 2.15 million tons of wheat in 2025/26, up 53% from last year, according to the department's database. Still, Syria's main grain buying agency is yet to announce a new purchasing strategy. The agency did not respond to Reuters questions over the issue. Wheat imports also face payment delays due to financial difficulties despite the lifting of sanctions, according to two sources with direct knowledge of the matter. Food was not restricted by Western sanctions on Assad's Syria, but banking restrictions and asset freezes made it difficult for most trading houses to do business with Damascus. Russia, the world's largest wheat exporter and a staunch supporter of Assad, had been a steady supplier but to a large extent has suspended supplies since December over payment delays and uncertainty about the new government, sources told Reuters following Assad's ouster.
Fashion United
7 hours ago
- Fashion United
Dubai-based Sumwon Studios acquires Balr.
The Dutch lifestyle brand Balr. has been acquired by Dubai-based Sumwon Studios. The financial details of the acquisition were not disclosed in the press release issued by the company. This move marks a new chapter for the football-inspired brand known for its black and white collection. It was founded in 2013 by professional footballers Demy de Zeeuw, Juul Manders and Ralph de Geus. The brand's parent company had filed for bankruptcy in July 2025, but it can now continue operations under its new ownership. Sumwon Studios, founded in 2023 by Missguided founder Nitin Passi, will be in charge of relaunching the brand. The company, which already holds licenses for brands like Missguided and its own Sumwon, stated that more brands will be added to its portfolio. "Balr. has the kind of DNA you can't create. It's authentic, ambitious and has a place in the sports world," said Passi, who serves as the chief executive officer. He continued, "We see an opportunity to reposition Balr. at the intersection of football, fashion and lifestyle. Renewed with new energy, collaborations and global reach". Sumwon Studios, which is only three years old, claims it is on track to exceed one billion dollars in revenue this year. Notably, the company counts Shein as one of its strategic investors. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
