Empowering Financial Institutions with Sharia-Compliant Solutions

Tuum, a leading financial technology provider, has announced the launch of its foundational Islamic Banking and Finance solutions. This strategic move aims to deliver comprehensive, Sharia-compliant financial services to its clients, catering to the growing demand for ethical and inclusive banking products worldwide.

Unlocking the Potential of Islamic Finance

Laying the Groundwork for Sharia-Compliant Banking

Tuum's initiative focuses on the core principles of Islamic banking, with the overarching goal of developing a full end-to-end platform designed to support the needs of local financial institutions. This Minimum Viable Product (MVP) will enable FIs to offer products that fully comply with Sharia law, laying the foundation for a comprehensive Islamic banking suite.The launch will allow Tuum to establish the necessary infrastructure for Islamic deposits and asset-based lending, two critical components of a broader Islamic banking system. By leveraging the concept of Mudarabah (profit-sharing), Tuum's deposit solution will generate returns through legitimate economic activities, with profits shared between banks and depositors according to pre-agreed ratios, rather than through interest-based income. This system is designed to ensure Sharia compliance, transparency, and a secure foundation for growth and development.

Embracing Asset-Based Lending for Sharia-Compliant Financing

Tuum is also developing the framework for an Islamic asset-based lending solution, which aligns with the prohibition of riba (interest) and requires all lending to be tied to real, secure, and tangible assets. This system will incorporate Sharia compliance, profit and risk sharing, as well as scalable development, providing a foundation for future Islamic models, such as Murabaha, Ijara, and Musharakah, essential for creating a comprehensive Sharia-compliant financing ecosystem.

Empowering Financial Institutions to Meet Evolving Demands

Tuum's commitment to evolving its platform aims to support the full spectrum of Islamic finance, aligning with the rising worldwide demand for Sharia-compliant banking. By empowering financial institutions to offer inclusive and ethical banking tools, Tuum's platform will continue to provide the necessary tools to meet the evolving demands of the market, while prioritizing compliance with regulatory requirements and industry laws.

Driving Inclusive and Ethical Banking Practices

Throughout the process of focusing on the foundational elements of Sharia-compliant financial tools, Tuum aims to provide FIs with the possibility to meet the growing demand for inclusive and ethical banking products. Its platform flexibility and scalability are set to enable banks to optimize and develop their offerings, ensuring that their suite of solutions aligns with Islamic principles.

Embracing the Future of Islamic Finance

Tuum's initiative represents a significant step forward in the realm of Islamic banking and finance. By delivering comprehensive, Sharia-compliant solutions, the company is poised to empower financial institutions to meet the evolving needs of their clients, while upholding the principles of ethical and inclusive banking practices. As the demand for Sharia-compliant financial services continues to rise globally, Tuum's innovative approach is set to shape the future of the industry.