Al Amthal Financing Co., has chosen Codebase Technologies, to launch their digital lending services in the KSA market. The project will be supported by Codebase Technologies local partner, Raqmiyat.
Statistics show the Kingdom of Saudi Arabia has seen a significant penetration of digital banking services since 2013. According to Statista, the adoption rate has surged from 15.55 percent to 51.42 percent in 2023, with projections showing a further increase to nearly 70 percent by 2028. As with many regions worldwide, financial institutions in the KSA are recognizing the importance of adopting modern banking practices to attract and retain customers.
Salem Albalhareth, Chief Information and Digital Officer, Al Amthal Financing Co, commented on the partnership saying, “Choosing Codebase Technologies is a strategic move towards realizing our digital transformation objectives. We are keen to capitalize on market trends and transformative technologies, and we’re committed to introducing innovation for the benefit of our customers. This initiative is one of many in our strategy, and we believe it will form a strong foundation for us to deliver superior Sharia-compliant experiences in line with our core values.”
The collaboration will digitize the SME lending operations of Al Amthal and expand their retail lending business by utilizing the cutting-edge capabilities of Codebase Technologies’ Digibanc platform, enabling the Saudi lender to offer their Retail and Corporate customers a Sharia-compliant digital onboarding, loan origination, and servicing experience.
Codebase Technologies MD for MENA, Tamer Al Mauge, added, “We are thrilled to partner with Al Amthal, a major player in Islamic financing in KSA, to revolutionize their lending business. Our Digibanc platform’s omnichannel and digital onboarding components, coupled with instant credit decisioning and loan disbursement capabilities, will not only enhance Al Amthal’s market position, but also offer their customers an exceptional digital experience.”
Codebase Technologies will leverage the omnichannel component of their Digibanc fintech and banking platform to provide Al Amthal customers with seamless digital experiences accessible through web and mobile channels. To ensure compliance and security, Digibanc’s API integration layer will be used to seamlessly integrate with external agencies like SIMAH, Nafath, and Yakeen.
“Al Amthal Financing aims to position itself as one of the leading Islamic financial institutions in the region and engaging Codebase Technologies and Raqmiyat will accelerate the organization’s long-term digital transformation strategy, enabling the lender to stay ahead of the curve in the rapidly evolving digital financial landscape,” commented Acting General Manager & Vice President of Sales at Raqmiyat, Bahaa Eddine Al Indary.
Al Amthal is taking a leap forward in digital finance by deploying the solution on a cloud infrastructure. This move positions the organization as an early adopter of cloud banking technology in KSA. The dynamic scaling capabilities of the cloud enable Al Amthal to seamlessly adjust to fluctuations in customer demand, ensuring that their services are always available to customers and are scalable at speed. In addition, the deployment on cloud will help Al Amthal save significant costs on their CapEx and OpEx, and benefit from robust data and customer security features.
“Al Amthal will leverage Digibanc’s in-built, AI-based credit decisioning to optimize the lenders efficiency and improve accuracy for decisioning leading to a reduction in operating costs and increase in revenue. Access through remote onboarding also expands the organization’s market reach and customer base, while improving satisfaction and lowering customer attrition. We commend Al Amthal’s decision to move to the cloud, as this will significantly improve their agility and scalability while ensuring robust security. We are excited to deliver tangible value to Al Amthal and their customers through this transformative partnership,” added Mazen Baalbaki, Territory Sales Manager at Codebase Technologies.