Bank Muamalat Malaysia has partnered with Amsterdam-headquartered global fintech firm Backbase to launch a fully digital Islamic bank.

Atlas, which is licensed by Bank Negara Malaysia, the country’s central bank, will operate as a digital bank under the licence of Kuala Lumpur-based Bank Muamalat. It is designed to provide customers with a banking experience that aligns with their faith and lifestyle needs.

“Atlas is more than a digital bank. It is a bold reimagination of Islamic finance for the modern era, built around the values, lifestyles, and aspirations of our customers,” says Khairul Kamarudin, president and chief executive officer of Bank Muamalat.

As of its launch, Atlas enables customers to open an account fully digitally, and sign up for an Atlas Savings Account-i with just their Malaysian Identity Card, and a minimum initial deposit of 0.01 ringgit. 

Atlas has also launched a rewards programme which allows users to earn points and redeem offers from selected brand partners. Customers earn points by completing tasks such as account opening and referrals. 

Prayer time alerts

In addition to the deposit account and rewards, the Atlas app also has specific Islamic features, including prayer time alerts and trackers, a zikir or litany counter, as well as an Islamic calendar and inspirational quotes, all of which can be found on the faith summary dashboard of the app. 

Khairul says these features reflect the bank’s commitment to “leading the next era of Islamic banking”, one that is digital, inclusive, and purpose-driven. 

“Our collaboration with Backbase has played a key role in enabling us to deliver an experience that is seamless, secure, and rooted in faith – one that redefines how banking is lived in today’s digital world,” he adds.

Bank Muamulat also plans to expand Atlas’ Shariah-compliant offerings in the coming months, including the launch of digital debit and credit cards, flexible personal financing, and a Shariah-compliant gold investment account. 

“These new products will be seamlessly integrated into the existing platform and will further strengthen Atlas’s position in the Islamic digital banking landscape,” the bank says.