General News
Azentio Awarded AAOIFI’s Certificate of Compliance for iMAL™ R14.5
Azentio Software (“Azentio”), a Singapore-headquartered technology firm owned by funds advised by Apax Partners, has announced that iMAL™ R14.5, the latest version of the company’s Islamic core banking platform, has successfully completed the annual certification review for the year 2022 by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the world’s leading Islamic finance standard-setting body.
This certification is tangible proof of Azentio adhering to existing and newly issued AAOIFI Shari’ah and Financial Accounting Standards for the recently acquired iMAL™ R14.5 by Azentio.
“AAOIFI is here to protect the integrity of the global Islamic finance industry through the means of standardization of best practices in the areas of Shari’ah, accounting, auditing, governance, and ethics.
“We are pleased to complete the review of the version 14.5 of iMAL™ for the year 2022 to ensure its compliance with AAOIFI’s Shari’ah and Financial Accounting Standards”, commented Omar Mustafa Ansari, Secretary General, AAOIFI.
“By following and implementing AAOIFI standards in the right manner, we believe iMAL™ is mitigating Shari’ah non-compliance risks. Our continued collaboration is a testament to Azentio’s ongoing commitment of following best practices not only for itself but also for its clients which are the world’s leading Islamic financial institutions”, Ansari concluded.
Mohammed Kateeb, Global Head of Islamic Banking and President of Middle East & Africa at Azentio, said, “For our core banking platform iMAL™ new version to be certified by AAOIFI, the world’s principal standard-setting body for Islamic finance, reflects our ongoing commitment to creating a truly differentiated value proposition.
The latest advancement in financial technology has posed unprecedented challenges for incumbent Islamic banks to remain competitive. We are combining advanced technologies with deep knowledge of Islamic finance and embedding this into our new platform to help our clients transform, accelerate innovation, and achieve operational efficiency, while providing Shari’ah compliance assurance to the Islamic financial services ecosystem.
We ensure a compliance mindset in our design and development efforts, and continuously challenge ourselves to provide a unique platform that meets or exceeds the needs and expectations of our clients, always complying with the AAOIFI and Shari’ah rules”.
iMAL™ core banking platform is the world’s leading and preferred Shari’ah-compliant, digital-first, advanced and scalable software with open banking capabilities for modern Islamic financial institutions.
Designed to allow Islamic banks to scale quickly using cloud or traditional infrastructure, the proven and trusted platform that is both flexible and cost efficient is the first choice for major Islamic banks setting up for growth. iMAL™ helps Islamic banks of all sizes reduce risk and improve profitability with the ability to launch a diverse range of innovative products rapidly, well ahead of the competition.
Police in Abuja have uncovered a criminal group making fake diplomatic and government number plates.
Ahmed Sanusi, commissioner of Police FCT, stated this during a press briefing on Friday.
He explained that criminals use these fake plates to dodge security checks and enter restricted areas.
The investigation started soon after Sanusi took office.
He noticed too many unauthorized cars driving around with official government and diplomatic tags.
“I immediately ordered a comprehensive investigation into this disturbing trend,” Sanusi said. He noted that these individuals use the plates as a cover to commit crimes and avoid arrest.
The police have already arrested several people caught using the fake plates.
They have also figured out who is making them.
The manufacturers operate outside Abuja, and police are actively hunting them down.
Sanusi kept their names secret so they would not flee.
He stressed that this is a highly profitable illegal business.
Buyers pay between N500,000 and N1.7 million for a single fake plate.
“This will tell you that they are making such huge expenditure because they have an agenda,” Sanusi explained.
“Now they will face punishment that is bigger than both the cost they incur and the agenda they are planning.”
The commissioner urged residents to report any cars with suspicious diplomatic plates.
He reminded the public that real diplomatic tags follow a very specific format.
A diplomatic number plate in Nigeria is a special vehicle identification tag issued to foreign embassies, high commissions, and accredited international diplomats.
Gavi has approved $500 million to strengthen Nigeria’s immunisation programme, primary healthcare services and long-term vaccine financing.
The move followed high-level discussions between Professor Muhammad Ali Pate, coordinating minister of Health and Social Welfare, ]and Dr. Sania Nishtar, chief executive officer, Gavi in Abuja.
The funding, approved under the Gavi 6.0 programme, will support Nigeria’s efforts to accelerate routine immunisation, sustain polio eradication, expand HPV vaccination, strengthen primary healthcare services, and improve long-term vaccine financing.
Speaking during the meeting, Pate said Nigeria was strengthening its partnership with Gavi to accelerate immunisation, expand primary healthcare services, and ensure sustainable financing for vaccines.
He welcomed Gavi’s country-focused reforms, including the introduction of a predictable five-year funding envelope.
Pate said the US$500 million allocation will enable Nigeria to plan more effectively and deliver life-saving vaccines to more children and vulnerable populations.
The minister also revealed that quarterly visits to primary healthcare centreshad increased from about 10 million in 2023 to more than 45 million, reflecting significant progress in revitalising the country’s primary healthcare system.
Pate welcomed the announcement of a US$600 million pledge by the United States government to Gavi, describing it as a strong endorsement of the alliance’s leadership and the global value of vaccines.
He also commended Nishtar for prioritising Nigeria and praised the closer coordination among Gavi, World Health Organisation (WHO), UNICEF, World Bank, Gates Foundation, and other development partners, describing it as a model that has improved efficiency and aligned support with Nigeria’s health sector reforms.
The minister expressed appreciation to Gavi and its partners for their continued technical and financial support, while calling on state governments to invest more in healthcare and immunisation to complement federal efforts.
For many women, financial independence means the freedom to provide for their families and build a better future. Yet, this remains out of reach due to limited access to opportunities, business support, and secure payment solutions.
Like millions of women in Nigeria determined to be financially independent, Pricillia started with a single PalmPay POS terminal, and as an agent, every successful transaction provided a commission which brought her one step closer to achieving her dream.
Through consistency, discipline, and support from the payment platform, she reinvested her earnings and eventually opened her own provision store.
“I started as just a PalmPay agent with one POS. The consistency of the platform gave me the confidence to expand. With the income I earned, I was able to open my own provision shop.” Priscilla said.
For Priscilla, PalmPay was more than a payment platform. Its secure payment infrastructure gave her the confidence to serve her customers, build trust, and grow her income.
Today, Pricillia has joined the statistics of SMEs powering Nigeria’s economy and PalmPay continues to support her daily operations, helping her receive payments, as she works towards her next business milestone. Her journey is a reminder that when women have access to secure financial tools and opportunities, they can build lasting economic independence.
Speaking on Pricillia’s journey, Femi Hanson, Head of Marketing, PalmPay said: “Providing a secure platform that users can trust, whether for everyday payments or high-value transactions, is central to our vision of advancing financial inclusion. Priscilla’s story reflects our commitment to supporting the ambitions of Nigerians by providing a platform they can rely on to grow their finances. After all, seamless banking begins with security, and every successful transaction reinforces the trust our users place in us.”
Priscilla stands among thousands of PalmPay agents nationwide who are helping to expand financial access across Nigeria while earning commissions to create sustainable sources of income for themselves.
Every payment tells a story. It begins with trust, the confidence that your money is secure and that financial services are accessible. And when that opportunity reaches women, it creates ripple effects that transform families, strengthen communities, and drive economic growth.
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