Musoni System is proud to announce that our core banking system now supports organisations that are compliant with the Islamic Sharia law. This step forward has allowed us to serve a number of Microfinance Institutions (MFIs) in Somalia that offer financial products that are compliant with the Islamic Sharia law.
MFIs play a vital role in driving economic development and financial inclusion in developing economies such as Somalia while adhering to the principles of ethical and responsible banking.
“At Musoni, we are committed to helping drive financial inclusion in Somalia and other markets through our innovative technology solutions,” said Martijn Deddens, Musoni’s Head of Product. “Our core banking system allows for the seamless integration of Islamic finance principles, making it possible for these institutions to succeed in a market that is often challenging for them.”
RAAS Microfinance in Somalia implemented the Musoni core banking system in 2022 to digitalise their initial manual processes. In a short span of time, RAAS MFI has already made a massive stride in strengthening their competitive edge in the MFI sector by becoming more agile, flexible, and scalable to achieve their business objectives while ensuring Sharia regulatory compliance in their operations.
“Musoni’s technology has been a game changer for us,” said Mohamed Warsame Operations Manager RAAS Microfinance in Somalia. “With their system, we are able to offer a wide range of financial services to our customers and have seen a significant increase in our loan portfolio.”
One of the key features of our core banking system is its ability to handle a wide range of financial products and services, including savings accounts, loans, and investments. This allows MFIs in Somalia to offer a broad range of financial services to their customers.
At Musoni, we believe that our core banking system is the key to unlocking the potential of MFIs in these markets, and we look forward to working with partners in Somalia and other countries to help them succeed.
About RAAS MFIR; Raas is currently one of the top digital microfinance institutions in Somalia that fosters financial inclusion and access to finance for the economically active poor. They aim at providing access to financial services to the unbanked through a variety of Sharia Compliant Credit Schemes. Visit RAAS at https://raasmfi.com
About Musoni System; Musoni is the leading digitalisation partner for microfinance institutions around the world: We help organisations improve their efficiency and extend their outreach through a variety of fintech solutions. These include a cloud banking system, digital field application, mobile payments module, and client banking app. We have over a decade of experience and now support 70+ organisations in 26 countries. We take pride in our hands-on and personalised approach, with local teams in the Netherlands, Kenya, and Myanmar. Visit Musoni at https://musonisystem.com