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Bank Islam Partners with UK Islamic Fintech Kestrl to join Malaysia's Digital Banking Race

London, United Kingdom--(Newsfile Corp. - August 12, 2022) - Bank Islam Malaysia Bhd (Bank Islam) has chosen Kestrl, a UK-based Islamic Fintech that offers personal finance solutions to Muslims, to develop and implement personal financial management (PFM) features for its newly launched digital bank, Be U.

Bank Islam X Kestrl

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Through this partnership, Bank Islam hopes to cement its status as Malaysia's leading Islamic Bank and create an app that provides 'next-level' banking for over 350,000 users that it expects to acquire over the next 12 months. Officially launched in July, Be U is understood to be the country's first digital bank that is built natively on the cloud.

Founded in 2019 by two Cambridge graduates, Kestrl branded itself 'The Muslim Money App', promising to help its users grow their wealth without compromising their religious beliefs. It does this with its bespoke PFM tool, applying machine learning and behavioural science to users' transaction data to create a monthly budget, automatic savings, and personalised investment/savings suggestions to users to achieve their goals.

Bank Islam hopes to use Kestrl's PFM tool and its new digital banking app to market its extensive suite of Islamic banking products to younger, digitally savvy customers who strongly desire a more user-friendly solution that align with their values. The Bank expects to introduce the new offerings on Be U by the end of the year.

Mohd Muazzam Mohamed, Bank Islam Group Chief Executive Officer, said: Bank Islam is pleased to partner with a values-orientated fintech like Kestrl that shares our commitment towards customer centricity and Shariah compliance. Through this partnership and our shared learnings in Malaysian and UK markets, we hope to provide Be U users with a truly innovative experience.

Areeb Siddiqui, Chief Executive Officer, Kestrl said: We are incredibly excited to be partnering with as forward-thinking an organisation as Bank Islam to develop its digital bank. Offering personalised solutions to Muslims without feeling they've had to compromise is at the heart of Kestrl's values. We look forward to applying our existing PFM tools and developing some new features for the Malaysian market to build a truly differentiated offering for the Bank.

About Kestrl Ltd

Kestrl is a fast-growing UK-based Islamic Fintech that promises to help Muslims grow their wealth without compromising their beliefs. Dubbed "The Muslim Money App", Kestrl's tool helps its users achieve their goals, applying machine-learning to their banking data to build monthly budgets, automatic-savings, and personalised investment suggestions. Offered both as a retail-app, as well as a software-solution for Banks looking to digitize, Kestrl has acquired thousands of users across the UK and Middle East, and hopes to offer its Software to more Banks across South East Asia that align with their Shariah values. For more information, visit https://kestrl.io/

About Bank Islam

Malaysia Berhad Bank Islam is Malaysia's first public listed Islamic Bank on the Main Market of Bursa Malaysia Berhad. Established in July 1983 as Malaysia's first Islamic Bank, Bank Islam has 141 branches and more than 900 self-service terminals nationwide. As a full-fledged and pure-play Islamic bank, Bank Islam provides banking and financial solutions that strictly adhere to the Shariah rules and principles and are committed to the ideals of sustainable prosperity and ESG values. The core subsidiaries of the Bank Islam Group are pioneers in various Islamic financial services, including investment and stockbroking, namely BIMB Investment Management Berhad and BIMB Securities Sendirian Berhad. For more information on the Group's products and services, visit www.bankislam.com.

See online version here: https://kestrl.io/articles/blog/press-release-bank-islam-partners-with-uk-islamicfintech-kestrl-to-expand-be-us-personalised-solutions

For further information, please contact: mediarelationseditorial@bankislam.com.my

Media Contact:
Name: Areeb Siddiqui
Email: areeb@kestrl.co.uk

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133475