Tuum, a next-generation core banking provider, has launched its foundational Islamic Banking and Finance solutions. This milestone marks the introduction of Sharia-compliant services, focusing on Islamic deposits and asset-based lending. The Minimum Viable Product (MVP) lays the foundation for a full Islamic banking platform, empowering financial institutions to offer ethical, Sharia-compliant financial products and meet growing global demand.
- Tuum’s platform introduces a Mudarabah-based system for Islamic deposits, allowing profit-sharing between banks and depositors through legitimate economic activities, adhering to Sharia law principles.
- The asset-based lending framework complies with Islamic finance rules by linking lending to real, tangible assets, avoiding interest-based income and aligning with the prohibition of riba.
- Tuum’s scalable platform is designed for future expansion into a full Islamic banking suite, supporting more Sharia-compliant finance models like Murabaha and Ijara, addressing the rising global demand for ethical banking products.
