Saudi Arabia-based Sharia-compliant financing company Morabaha Marina Financing has partnered with Singaporean financial crime compliance firm Tookitaki for advanced anti-money laundering (AML) capabilities.
Through the collaboration, Tookitaki aims to improve Morabaha Marina Financing’s AML compliance management offerings along with driving operational efficiency and enhancing customer trust.
The financing company delivers innovative financing solutions to individuals and small and medium enterprises within Saudi Arabia.
It offers products such as Tawarruq, Ijara, and Murabaha and supports customers’ financial needs.
Morabaha Marina Financing executive managing director Waleed Al-Ghamlas said: “Partnering with Tookitaki was a strategic decision to strengthen our AML compliance framework and provide more secure and efficient financing solutions to our customers.
”Tookitaki’s comprehensive suite of solutions, including Transaction Monitoring, Smart Screening, Dynamic Risk Scoring, and Case Manager, aligns perfectly with our goals of achieving regulatory compliance, operational efficiency, and customer-centric financial services.”
Morabaha Marina Financing’s commitment to fostering reliable financing partnerships is in line with Tookitaki’s advanced technology-driven approach to financial crime prevention.
Founded in 2014, Tookitaki introduced the concept of combating financial crime through an ecosystem or a community-based platform.
Tookitaki founder and CEO Abhishek Chatterjee said: “We are excited to join forces with Morabaha and support their mission of delivering innovative financing solutions while ensuring regulatory compliance and robust risk management.
”Our AML solutions will empower Morabaha to efficiently monitor transactions, conduct thorough screenings, and streamline customer risk assessments. This partnership exemplifies our commitment to driving financial institutions toward a safer and more secure future.”
Earlier this month, Tookitaki introduced a compliance-as-a–service (CaaS) solution for small and mid-size financial institutions around the world.
The new software-as-a-service (SaaS) offering was launched to offer financial institutions (FIs) access to Tookitaki’s compliance solution, the Anti Money Laundering Suite (AMLS), on a secure and self-service platform.