Codebase Technologies Awarded as “Best Islamic Finance Solutions Provider” At Global Islamic Finance Awards 2022

Codebase Technologies, one of the world's leading Open API banking solutions fintechs, was awarded "Best Islamic Finance Solutions Provider" at the 2022 Global Islamic Finance Awards (GIFA) held in Djibouti on September 14. The award honors Codebase Technologies' exceptional track record, excellence in digital Islamic banking, and pioneering role in driving digitization in the Islamic financial services industry. The award also recognized the innovative capabilities of Codebase Technologies' Digibanc platform, which is currently used by two of the three biggest Islamic banks in the world.

GIFA, one of the world's most prestigious Islamic finance awards, was founded in 2011 by London-based think tank Edbiz International Advisors. The label of excellence award recognizes governments, financial institutions, companies, and individuals who have exhibited outstanding achievements in their fields, contributing to the sustainability and innovation of Islamic banking and finance.

Since establishing its headquarters in the United Arab Emirates in 2017, Codebase Technologies has helped leading financial brands across the region and beyond realize their digital-first ambitions. The award follows closely on the heels of the company's notable achievements; launching Pakistan's first digital onboarding for Roshan Digital Accounts for Dubai Islamic Bank Pakistan, implementing the GCC's first fully automated regulatory reporting platform for Kuwait Finance House-Bahrain, being selected by Bahrain Commercial Facilities Company (BCFC) for digital transformation along with Atyaf eSolutions, and joining the VISA Fintech Connect Partners program.

Rizwan Warsi, Founder and Chief Technology Officer of Codebase Technologies, said: “We are proud to receive this coveted award from one of the most highly regarded awarding bodies in Islamic banking. Codebase Technologies has grown exponentially over the last few years and pioneering the space of digital Islamic banking has always been of particular focus for us. We're truly honored that GIFA has recognized our achievements and acknowledged the innovative milestones we have helped our clients achieve through our work and Digibanc platform."

In early 2022, the company launched the MENA region's first digital bank for financial inclusion, Blink, with the Capital Bank of Jordan, leveraging its Digibanc platform to bring Blink to market in just six months. Codebase Technologies has since been Capital Bank of Jordan's preferred technology partner, supporting the Bank in numerous digitization initiatives, using its Digibanc platform to empower the Bank to innovate at scale. Codebase Technologies’ Digibanc platform is built on an open API micro-services architecture, featuring multiple ready-to-market components allowing financial institutions to accelerate their time to market for a wide range of propositions from digital onboarding and omnichannel banking through to instant lending, card issuance, digital wallets and more. Recently Codebase Technologies added a dedicated BNPL component to Digibanc, allowing financial institutions to launch their own white labeled BNPL offerings.

"We thank GIFA for recognizing our consistent work in pioneering digital Islamic finance. We would like to extend our appreciation to our committed team and express gratitude for the support of our partners, clients, and stakeholders. We know that many Islamic FIs struggle with their digitization journeys, especially in today's dynamic market filled with challenger banks, neobanks, fintechs, and non-bank players entering the space. Our Digibanc platform has been instrumental in addressing the needs of today's Islamic institutions, enabling them to go digital-first and setting them up with a foundation from which they can innovate long into the future, all the while ensuring alignment with Sharia principles. This award inspires us to continue achieving excellence and doing great work, globally," added Raheel Iqbal, Managing Partner of Codebase Technologies.

The 12th GIFA Awards Ceremony was held at Djibouti Palace Kempinski in the Republic of Djibouti and was hosted by His Excellency Ismail Omar Guelleh, the President of Djibouti and the Central Bank of Djibouti. His Excellency Abiy Ahmed, the Prime Minister of Ethiopia was the Chief Guest of the ceremony and the international event was attended by ambassadors from 26 countries, senior ministers, members of the cabinet, multilateral institutions, local & international institutions, and individuals.