Tuum has announced the launch of a foundational Islamic banking and financial solution to provide customers with comprehensive Islamic-compliant financial services.
Following this announcement, the initiative focuses on the key principles of Islamic banking, with the overall goal of a complete end-to-end platform designed to support the needs of local financial institutions.
Additionally, this launch will enable Tomb to develop the necessary infrastructure for Islamic deposits and asset-based lending, which represent two key elements of the broader Islamic banking system. This Minimum Viable Product (MVP) enables financial institutions to offer a fully Sharia-compliant product and also sets the stage for further expansion into a complete Islamic banking suite.
Detailed information about product launches
Through a process that focuses on the fundamental elements of Shariah-compliant financial tools, Tomb aims to offer financial institutions the possibility to meet the growing demand for inclusive and ethical banking products. At the same time, the flexibility and scalability of its platform is set up to allow banks to optimize and develop, while also ensuring that the set of solutions is in compliance with Islamic principles.
The launch is based on the development of a profit sharing system for Islamic deposits based on the concept of mudarabah (profit sharing). The system is designed so that profits are shared between banks and deposits according to pre-agreed ratios, rather than interest-based income, and income is earned through legitimate economic activity. Key features of the deposit solution include Shariah compliance, transparency, and a secure foundation for growth and development.
At the same time, TOOM is also developing a framework for Islamic asset-based financing solutions. This coincides with the ban on riba (interest) and requires that all loans be tied to real, secure, tangible assets. The key elements of this system include Shari’a compliance, benefit and risk sharing, scalable development and future Islamic requirements such as Murabaha, Ijarah and Musharakah necessary to build comprehensive Shari’a compliance. This is the basis of the model. lending ecosystem.
Tuum remains committed to evolving its platform to support the full spectrum of Islamic finance. This initiative also addresses the growing global demand for Islamic-compliant banking services and enables financial institutions to offer comprehensive ethnic banking tools. Its platform aims to continue to provide financial institutions with the tools they need to meet the evolving demands of the market, while prioritizing processes that maintain compliance with industry regulatory requirements and laws.
