Tuum, a core banking provider based in Estonia, will unveil its Islamic Banking suite at Seamless Middle East, expanding on its previously announced Sharia-compliant capabilities.
Islamic finance is projected to reach US$5.9 trillion by 2026, driven by demand for ethical, interest-free financial services.
However, outdated technology and limited digital infrastructure continue to hinder innovation and customer experience in Islamic banking.
Tuum’s new suite provides a cloud-native, modular platform that supports both fully Islamic banks and Islamic banking windows.
The system is designed to help institutions launch and scale Islamic financial products while maintaining Sharia compliance.
As part of the rollout, Tuum has partnered with DDCAP Group, a facilitator of asset-backed, Sharia-compliant transactions.
The integration enables automated Tawarruq execution, streamlining trade processes, asset registry, and settlement tracking.
“As demand for Sharia-compliant banking solutions continues to grow, financial institutions need a core banking platform that balances compliance with innovation,”
said Miljan Stamenkovic, VP Sales at Tuum.
“Tuum’s modern, cloud-native technology provides that foundation, while our partnership with DDCAP further strengthens our offering by automating key Islamic financing workflows.”
The offering includes support for Islamic deposit accounts such as Mudarabah, Wakalah, Wadiah, and Qard Hassan, with automated profit-sharing.
A standalone module enables automated Mudarabah and Wakalah profit distribution, compatible with any core system.
The suite also includes real-time profit calculation, built-in Sharia compliance checks aligned with AAOIFI standards, and Tawarruq-based financing with digital execution of Murabaha and Istisna contracts.
Islamic financing is embedded within Tuum’s existing lending module, allowing for the management of both conventional and Islamic loans in one system.
The platform supports deployment on public cloud providers, Google Cloud, AWS, OCI, and Azure, as well as private cloud options, meeting data residency requirements in the Middle East and North Africa, where Tuum is expanding its presence.
Tuum is also developing Islamic card products, including Islamic debit cards, Ujrah-based credit cards, and Tawarruq credit cards, scheduled for release as part of its 2025 roadmap.
Featured image credit: Edited by Fintech News Middle East, based on image by creativaimages via Freepik
