Toum, a core banking provider, launches a foundational Islamic banking and finance solution that focuses on the key principles of Islamic banking and provides a complete end-to-end solution designed to support the needs of Islamic financial institutions. Laying the foundation of the platform.
With this launch, Tomb will build the necessary infrastructure for Islamic deposits and asset-based lending, two key elements of the broader Islamic banking system. This Minimum Viable Product (MVP) enables financial institutions to offer products that are fully Islamic compliant while preparing for further expansion into a complete Islamic banking suite.
At the heart of Tuum’s launch is the development of a profit-sharing system for Islamic deposits based on the concept of mudarabah (profit-sharing). This system allows profits to be generated through legitimate economic activities, with profits being shared between banks and depositors according to pre-agreed ratios rather than interest-based income.
“This is an exciting milestone for Tomb as we take our first step into the world of Islamic banking,” explained Mirjan Stamenković, Tomb’s Vice President EMEA. “By focusing on the fundamental elements of Shariah-compliant financial services, we are enabling financial institutions to meet the growing global demand for inclusive and ethical banking products. The flexibility and scalability of our platform allows banks to innovate while delivering services that align with Islamic principles.”
In the new deposit solution, all profit calculations comply with Islamic principles, avoid interest and focus on ethical profit generation. It also fosters trust through pre-defined profit sharing agreements, ensuring clarity for both institutions and customers.
asset-based financing
TOUM is also developing a framework for Islamic asset-based financing solutions that will tie all loans to real, tangible assets, in line with the prohibition on interest.
The main elements of this system are:
Sharing profits and risks: Create structures that share both risks and profits, in line with Islamic ethical financial principles. Scalable growth: Provide the foundation for future Islamic finance models and build a comprehensive Islamic compliant financial ecosystem.
Although initially focused on deposits and asset-based lending, Toum explained that they remain committed to evolving the platform to support the full spectrum of Islamic finance. This initiative responds to the growing global demand for Shariah-compliant banking services and will enable financial institutions to offer comprehensive and ethical banking products.
