‘First’ Islamic digital-only bank launched in Malaysia
Atlas to offer personal financing options, digital debit and credit cards, and Shariah-compliant gold investment account
KUALA LUMPUR, Malaysia (MNTV) — Bank Muamalat of Malaysia has officially launched Atlas, claimed to be the country’s first Islamic digital-only bank focused on faith and lifestyle alignment, reports Fintech Futures.
The digital bank has been developed in partnership with Dutch front-end banking solutions provider Backbase, and uses the vendor’s AI-powered banking platform, launched in April.
According to Backbase, Atlas plans to expand its services in the “coming months” to include flexible personal financing options, digital debit and credit cards, and a Shariah-compliant gold investment account.
Established in 1999, Bank Muamalat operates 68 branches across Malaysia, providing retail customers with deposit accounts, investments and financing options, while offering corporate clients cash management, payment solutions, and foreign exchange services.
Last year, Bank Muamalat entered into a multi-year agreement with Google Cloud to enhance its capabilities in AI, cybersecurity, data management, and marketing.
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