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Muamalat

“Can Bank Muamalat modernise its full-fledged Islamic bank on cloud-native infrastructure (Mambu + Backbase) to compete for Malaysia's faith-conscious digital banking customer against both conventional neobanks and traditional Islamic peers?”

Founded1999
HQKuala Lumpur, Malaysia
IndustryBank / National
The story

Founded in 1999 as a traditional full-fledged Islamic bank in Malaysia, Bank Muamalat has progressively invested in digital transformation. The most significant strategic move was the launch of ATLAS, a Shariah-compliant digital banking app built on Mambu's cloud-native core banking platform, signalling a shift from branch-centric to digital-first delivery. The bank subsequently integrated Backbase for AI-driven engagement, reflecting an accelerating push to modernise its Islamic banking stack without abandoning its faith-based product mandate.

Last 12 months
2024
2025
Product timeline
1999
Bank Muamalat Malaysia Berhad established as a full-fledged Islamic bank under Malaysian banking law.· banking
2013
Bank became governed by the Islamic Financial Services Act 2013 (IFSA), strengthening its Shariah-compliance framework.· banking
2024
Launched ATLAS, Malaysia's newest fully Shariah-compliant digital bank powered by Mambu, going from internal pilot to public availability within months.· banking
2025
Tapped Backbase for AI-driven Islamic banking capabilities to enhance digital customer experience.· banking
Regulated entities
1
regulatory licence held by Muamalat
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
2 layers disclosed in Muamalat’s embedded-finance stack
Banking / BaaS
Mambu (core banking platform)
Lending
in the full report
Accounting gap: none
17 more providers across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.