Muamalat aims to accelerate its digital transformation
Digital technology is one of the most effective tools for improving the performance of various business sectors. Innovation helps to optimise processes, increase productivity and enhance the quality of service. Bank Muamalat has a strong focus and willingness to invest in digital transformation. To this end, Malaysian financial institutions have entered into a partnership agreement with Google Cloud.
The collaboration agreement will accelerate the modernisation of its infrastructure in line with current trends. A personalised approach to customer service is vital for Muamalat. Optimising internal processes to improve overall productivity is also a key focus for the company.
As part of the partnership, Google Cloud will provide the bank with its cloud solutions, including:
– automation tools;
– developer programmes to help improve data collection and processing;
– cloud solutions to improve cybersecurity.
In addition, Google’s products will streamline digital financial processes on the bank’s MAP platform. Muamalat will also use Firestore, a serverless data storage solution.
The bank will also implement the Google Marketing platform as part of the agreement. This will integrate with Looker’s business intelligence service and BigQuery. As a result, Muamalat will be able to significantly increase the synchronisation and data processing level. This, in turn, will contribute to the efficient use of information and strategic planning.
These solutions are an excellent basis for implementing AI programmes to improve the quality of banking services.
Google’s analytics applications are based on the Vertex AI platform. This simplifies the extraction of the necessary data from shared storage and adds footnotes and links to make it easier to understand.
Muamalat says the Google Cloud partnership can expand to meet emerging needs. By partnering with the IT giant, the bank aims to do more than just accelerate the pace of digital transformation. It aims to lay a solid foundation for future business development with technological advancement in mind.
Business overview
In 1999, Muamalat merged the assets of several Malaysian banks. It is now the second Islamic financial institution in Malaysia.
Muamalat is profit-sharing based. Its products do not have any link to the regulatory discount rate. This approach enabled the institution to maintain stability during the 1997 financial crisis. At that time, Asian countries experienced a serious collapse of the banking system, which led to its transformation. Despite the turmoil, Muamalat managed to keep interest rates lower than those offered by other banks at the time.
The company’s main shareholder is DRB-HICOM, one of the country’s largest automobile companies. It holds 70% of the shares, with the remainder held by the Sovereign Fund of Malaysia.
