CUSTOMER STORIES
RETAIL & CORPORATE LENDING DIGITAL TRANSFORMATION OF MAISARAH ISLAMIC BANKING SERVICES (MIBS)
A case study on ACP’s successful rollout with Maisarah Islamic Banking Services (MIBS) for the Corporate & SME units.
Background
Maisarah Islamic Banking Services (MIBS) is one of the fastest-growing Islamic windows in Oman, with a broad range of Sharia-compliant financial products and solutions in Corporate banking, Retail banking, Investment banking, and Treasury. Aiming to be at the forefront of the lending market, MIBS decided to launch a careful selection process to move from a manual and outdated process to a fully automated credit process.
The bank selected Axe Finance to implement its Axe Credit Portal (ACP) software, which ensures a fully automated credit process, thereby enhancing its competitiveness in the market. By adopting Axe Finance’s end-to-end digital lending solution, MIBS can rely on a well-established leader in the Middle East region to ensure smooth, seamless, and successful digital transformation in its Retail and Corporate business lines.
Key Challenges
MIBS trusts ACP support its objective of being the best Islamic bank in the region, leveraging top-notch lending technology to drive future growth, with their specific requirements as the following:
/
Credit Application digitalization for both Retail and Corporate Segments
/
Mobile application for its bank staff with seamless and omnichannel capabilities
/
Automation of its whole credit value chain, including loan origination, risk analysis, write-ups, up to limit activation.
How Axe Finance Effectively Tackled These Challenges
8
Third-party systems and data models integrated
150
ACP users in the bank and increasing
Holistic Credit and Financing Digital
Axe Finance has been instrumental in guiding Maisarah Islamic Banking Services through a holistic credit and financing digital transformation journey, leading to a significant enhancement in its asset performance and a departure from manual credit processing methods. The implementation of Axe Credit Portal (ACP) has played a pivotal role in this transformation, with its flexible workflows and limitless zero-code configuration options allowing all Islamic banking products, classifications, structures, and hierarchies to be seamlessly managed and defined in accordance with MIBS’ policies.
Efficient Collateral Management
Axe Credit Portal efficiently covers collateral creation and valuation, as well as the omnichannel journey, ensuring a smooth and efficient lending process thanks to mACP, the dedicated mobile application for all the bank staff. Recently, the first milestone for Corporate and SME Credit automation was successfully achieved, followed by comprehensive training sessions to ensure the seamless adoption of ACP by all credit stakeholders at Maisarah Islamic Banking Services.
Testimonials
Our partnership with Axe Finance is a big asset towards our challenge of being the best Islmaic bank in the region
Fawaz Al Ojaili​, Head Corporate Banking at Maisarah Islamic Banking Services said:
Lifting Maisarah Corporate & SME Credit to the latest technology stack with the innovative ACP features started delivering benefits in terms of business performance and efficiency. Our trust in Axe Finance’s continuous support and its innovative solutions is why we have chosen them to extend the automation to the Retail Financing unit. Our partnership with Axe Finance is a big asset towards our challenge of being the best Islamic bank in the region.
