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Khaleej Times
21-05-2025
- Business
- Khaleej Times
Tuum expands Islamic banking suite with new cloud-native modules
Tuum, the next-generation core banking provider, is set to unveil its comprehensive Islamic Banking suite at Seamless Middle East. This follows 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. 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. 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.' 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. 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. 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.
Mid East Info
19-05-2025
- Business
- Mid East Info
Tuum Expands Islamic Banking Suite with New Cloud-Native Modules, Launching at Seamless Middle East - Middle East Business News and Information
Dubai, UAE – May 19, 2025 – Tuum, the next-generation core banking provider, is set to unveil its comprehensive Islamic Banking suite at Seamless Middle East, reinforcing its commitment to empowering financial institutions with cutting-edge, Sharia-compliant banking solutions. 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. – 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 – 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. – 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. – 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. – 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. Visit Tuum at Seamless Middle East 2025 to explore the future of Islamic Banking. – Ends- About Tuum Tuum is the core banking platform for a world of banking without limits. Built for institutions ready to modernize, scale, and lead, Tuum helps banks, lenders and fintechs escape the constraints of legacy technology and accelerate into a new era of agility, innovation, and growth. Cloud-native and modular by design, Tuum supports all key financial business models — from lending and payments to BaaS and Islamic banking — on a single, extensible platform. Clients can modernize progressively, launch products in weeks, and expand into new markets without sacrificing control, compliance, or performance. With enterprise-grade scalability, real-time processing, and an open API architecture, Tuum delivers the flexibility to adapt fast — while significantly lowering total cost of ownership and shifting budgets toward innovation. Tuum is trusted by leading financial institutions across the globe to build the future of banking — one without limits. Tuum. Banking without limits.
Finextra
19-05-2025
- Business
- Finextra
Tuum expands Islamic banking suite
Tuum, the next-generation core banking provider, is set to unveil its comprehensive Islamic Banking suite at Seamless Middle East, reinforcing its commitment to empowering financial institutions with cutting-edge, Sharia-compliant banking solutions. 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.
Fintech News ME
19-05-2025
- Business
- Fintech News ME
Tuum Debuts Islamic Banking Platform to Power Next-Gen Sharia-Compliant Finance
Tuum, a core banking provider based in Estonia, will unveil its Islamic Banking suite at Seamless Middle East, expanding on its previously announced Sharia-compliant capabilities. Islamic finance is projected to reach US$5.9 trillion by 2026, driven by demand for ethical, interest-free financial services. However, outdated technology and limited digital infrastructure continue to hinder innovation and customer experience in Islamic banking. Tuum's new suite provides a cloud-native, modular platform that supports both fully Islamic banks and Islamic banking windows. The system is designed to help institutions launch and scale Islamic financial products while maintaining Sharia compliance. As part of the rollout, Tuum has partnered with DDCAP Group, a facilitator of asset-backed, Sharia-compliant transactions. The integration enables automated Tawarruq execution, streamlining trade processes, asset registry, and settlement tracking. '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.' The offering includes support for Islamic deposit accounts such as Mudarabah, Wakalah, Wadiah, and Qard Hassan, with automated profit-sharing. A standalone module enables automated Mudarabah and Wakalah profit distribution, compatible with any core system. The suite also includes real-time profit calculation, built-in Sharia compliance checks aligned with AAOIFI standards, and Tawarruq-based financing with digital execution of Murabaha and Istisna contracts. Islamic financing is embedded within Tuum's existing lending module, allowing for the management of both conventional and Islamic loans in one system. The platform supports deployment on public cloud providers, Google Cloud, AWS, OCI, and Azure, as well as private cloud options, meeting data residency requirements in the Middle East and North Africa, where Tuum is expanding its presence. Tuum is also developing Islamic card products, including Islamic debit cards, Ujrah-based credit cards, and Tawarruq credit cards, scheduled for release as part of its 2025 roadmap.
Zawya
19-05-2025
- Business
- Zawya
Tuum expands Islamic Banking Suite with new cloud-native modules, launching at Seamless Middle East
Dubai, UAE – Tuum, the next-generation core banking provider, is set to unveil its comprehensive Islamic Banking suite at Seamless Middle East, reinforcing its commitment to empowering financial institutions with cutting-edge, Sharia-compliant banking solutions. 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. Visit Tuum at Seamless Middle East 2025 to explore the future of Islamic Banking. About Tuum Tuum is the core banking platform for a world of banking without limits. Built for institutions ready to modernize, scale, and lead, Tuum helps banks, lenders and fintechs escape the constraints of legacy technology and accelerate into a new era of agility, innovation, and growth. Cloud-native and modular by design, Tuum supports all key financial business models from lending and payments to BaaS and Islamic banking — on a single, extensible platform. Clients can modernize progressively, launch products in weeks, and expand into new markets without sacrificing control, compliance, or performance. With enterprise-grade scalability, real-time processing, and an open API architecture, Tuum delivers the flexibility to adapt fast — while significantly lowering total cost of ownership and shifting budgets toward innovation. Tuum is trusted by leading financial institutions across the globe to build the future of banking — one without limits. Tuum. Banking without limits. TUUM PR Contact For any PR queries please contact
