Bank Muamalat launches ATLAS, Malaysia's first faith & lifestyle-aligned Islamic digital-only bank
KUALA LUMPUR, MALAYSIA - Media OutReach Newswire - 5 June 2025 - Backbase, the global leader in AI-powered banking technology, announces that Bank Muamalat has officially launched ATLAS by Bank Muamalat (ATLAS), Malaysia's first Islamic digital-only bank centered on faith and lifestyle alignment. This milestone represents a transformative leap in Bank Muamalat's journey to redefine Islamic banking, positioning it as a pioneer in Malaysia's rapidly expanding digital banking landscape. By harnessing Backbase's AI-powered Banking Platform, ATLAS delivers a faith-aligned digital experience with seamless onboarding, DuitNow integration, Shariah-compliant financing, and personalized servicing — setting a new benchmark for Islamic financial services in the region.
'ATLAS is more than a digital bank. It is a bold reimagination of Islamic finance for the modern era, built around the values, lifestyles, and aspirations of our customers,' said Khairul Kamarudin, President & Chief Executive Officer of Bank Muamalat. 'It reflects our commitment to leading the next era of Islamic banking that is digital, inclusive, and purpose-driven. Our collaboration with Backbase has played a key role in enabling us to deliver an experience that is seamless, secure, and rooted in faith — one that redefines how banking is lived in today's digital world.'
A faith-driven approach to digital transformation
ATLAS is designed to meet the growing demand for digital financial solutions that align with customers' faith and lifestyles. Since its pilot phase, the platform has already demonstrated strong early results — enabling faster rollout of new products and improving customer acquisition efficiency through a more streamlined onboarding experience.
In the coming months, ATLAS will expand its product offerings to include digital debit and credit cards, flexible personal financing, and a Shariah-compliant gold investment account. These new products will be seamlessly integrated into the existing platform and will further strengthen ATLAS's position in the Islamic digital banking landscape.
To enhance customer loyalty, ATLAS introduces a unique rewards program that connects users to exclusive lifestyle offers through curated partners, including well-known brands and services across diverse industries.
A partnership for banking growth in Asia
Prior to launching ATLAS, Bank Muamalat faced the common industry challenge of fragmented legacy infrastructure. The Backbase AI-powered Banking Platform provided a unified and modular foundation, enabling Bank Muamalat to accelerate its digital roadmap with agility and control.
'We're proud to support Bank Muamalat's bold vision with our AI-powered Banking Platform,' said Riddhi Dutta, Regional Vice President for Asia at Backbase. 'ATLAS is a shining example of how composable banking architecture can deliver tailored, lifestyle-aligned experiences while scaling innovation rapidly across markets. It also reinforces our growing presence in the Islamic banking sector, and exemplifies how Backbase serves as a strategic growth platform for banks seeking to modernize and expand their digital footprint.'
Backbase supports over 150 banks worldwide, including Islamic institutions like Libyan Islamic Bank, ila Bank, Bank Al Bilad, and Saudi National Bank — as well as Asia-Pacific leaders such as BDO Unibank (Philippines), HDFC Bank (India), Techcombank (Vietnam) and MyState Bank (Australia).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Free Malaysia Today
4 hours ago
- Free Malaysia Today
Ringgit ends marginally lower on stronger US dollar index
KUALA LUMPUR : The ringgit closed marginally lower against the US dollar today, amid a stronger US Dollar Index (DXY) as traders await US nonfarm payroll (NFP) data tonight, says an analyst. Bank Muamalat Malaysia Bhd chief economist Afzanizam Rashid said the DXY gained 0.14% to 98.884 points as the markets await the NFP data tonight, expecting payrolls to increase by 126,000 in May, down from 177,000 in the previous month. 'The ringgit versus the US dollar exchange was around RM4.22 to RM4.23 today,' he said. Compared to yesterday, the ringgit depreciated slightly by 0.09% to RM4.2310. 'This week, the ringgit has performed well as it has gained 0.7%,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said that as US-China tariff tensions subside and foreign capital continues to flow into Malaysian debt and foreign exchange deposits, the ringgit is gaining stronger structural support. 'Foreign investor interest remains strong, suggesting that any ringgit weakness driven by the US dollar is likely to attract buyers swiftly,' he said. At 6pm, the local currency stood at 4.2270/4.2360 against the greenback, easing from yesterday's close of 4.2245/4.2295. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9324/2.9390 from yesterday's 2.9495/2.9531 and appreciated versus the British pound to 5.7212/5.7334 from 5.7301/5.7369. However, the ringgit eased vis-a-vis the euro to 4.8268/4.8371 from 4.8235/4.8292. The local currency also traded mostly higher against most of its Asean peers. It edged higher versus the Singapore dollar to 3.2862/3.2934 from 3.2881/3.2922, gained against the Thai baht to 12.9599/12.9947 from 12.9925/13.0138 and inched up vis-a-vis the Philippine peso to 7.58/7.60 from 7.59/7.61. However, it fell against the Indonesian rupiah to 259.5/260.2 from 259.3/259.8.
Malay Mail
4 hours ago
- Malay Mail
Ringgit dips slightly to 4.2270 against US dollar as trade closes ahead of Aidiladha weekend
KUALA LUMPUR, June 6 — The ringgit closed marginally lower against the US dollar on Friday, amid a stronger US Dollar Index (DXY) as traders await US Nonfarm Payroll (NFP) data tonight, said an analyst. At 6 pm, the local note stood at 4.2270/2360 against the greenback, easing from Thursday's close of 4.2245/2295. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the DXY gained 0.14 per cent to 98.884 points as the markets await the NFP data tonight, expecting payrolls to increase by 126,000 in May, down from 177,000 in the previous month. 'The ringgit versus the US dollar exchange oscillates around RM4.22 to RM4.23 today. Compared to yesterday, the ringgit depreciated slightly by 0.09 per cent to RM4.2310. 'This week, the ringgit has performed well as it has gained 0.7 per cent,' he told Bernama. Meanwhile, SPI Asset Management managing partner Stephen Innes said as US-China tariff tensions subside and foreign capital continues to flow into Malaysian debt and foreign exchange deposits, the ringgit is gaining stronger structural support. 'Foreign investor interest remains strong, suggesting that any ringgit weakness driven by the US dollar is likely to attract buyers swiftly,' he said. At the close, the ringgit traded mostly higher against a basket of major currencies. It rose against the Japanese yen to 2.9324/9390 from Thursday's 2.9495/9531 and appreciated versus the British pound to 5.7212/7334 from 5.7301/7369. However, the ringgit eased vis-a-vis the euro to 4.8268/8371 from 4.8235/8292. The local currency also traded mostly higher against most of its ASEAN peers. It edged higher versus the Singapore dollar to 3.2862/2934 from 3.2881/2922, gained against the Thai baht to 12.9599/9947 from 12.9925/13.0138 and inched up vis-a-vis the Philippine peso to 7.58/7.60 from 7.59/7.61. However, it fell against the Indonesian rupiah to 259.5/260.2 from 259.3/259.8. — Bernama
Focus Malaysia
5 hours ago
- Focus Malaysia
Asia Platinum inks 3 strategic MOUs to expedite ESG, green investments across ASEAN, GCC nations
IMPACT investment and advisory outfit Asia Platinum Capital Bhd (APC) marked a major milestone on May 25 by sealing three strategic memorandums of understanding (MOUs) with leading regional and international partners in the ESG (environment, social and governance) and sustainable investment space. Held in conjunction with the ASEAN Leadership & Partnership Forum 2025 in Kuala Lumpur, the event aimed to drive forward regional transformation in climate finance, next-generation technologies and ESG integration across ASEAN and the Gulf Cooperation Council (GCC) countries. Three key partnerships were established with: South Pole: APC's partnership with the Swiss climate solutions consultant focuses on the development of high-integrity carbon assets across the ASEAN region that could contribute towards climate finance into nature and innovation projects that will drive measurable climate impact. Group KS & EDENA: A strategic alliance to collaborate in the formation of an international consortium for the establishment of a proposed Malaysia's first STO (security token offering) exchange with a specific focus on ASEAN carbon credit tokenization and integrating Islamic finance principles. Integral Omni Inspire: This collaboration focuses on delivering ESG solutions and technologies tailored for markets across ASEAN and GCC countries, hence reinforcing APC's ambition for global ESG leadership. 'Each of these partnerships reflects our firm belief that technology and smart partnerships are key to unlocking the true potential of ESG transformation across the region,' commented APC's CEO Ramlie Kamsari who possesses 25 years of experience in capital market, Islamic finance and sustainable investment. 'We are honoured to work alongside visionary partners who share our long-term commitment to creating carbon wealth, impact investment and inclusive green development.' South Pole's regional director (climate projects for SEA & Oceania) Ladaporn Khunikakorn expects the partnership with APC to supports South Pole's mission to deliver true climate impact by leveraging the power of carbon markets and accelerating much needed low-carbon transformations. Group KS & Edena Capital Partners co-CEO Wook Lee hops its alliance with APC will make Malaysia as ASEAN's premier hub for carbon credit tokenisation, thus creating a first-of-its-kind STO exchange that bridges traditional finance with blockchain innovation. 'By integrating Islamic finance principles with advanced tokenisation technology, we're building a regulatory-compliant platform that will democratize access to sustainable investments while unlocking premium value for ASEAN's assets on the global stage,' he envisages. Finally, Integral Omni Inspire CEO Harry Lim is looking forward to localise advanced technologies that address real environmental challenges while creating value for communities, businesses and governments alike through its partnership with APC. – May 26, 2035
