Morabaha Collaborates with Tookitaki for Cutting-Edge AML Capabilities

Riyad, 4th September 2023 - Tookitaki, a global leader in financial crime detection and compliance solutions, is pleased to announce its strategic partnership with Morabaha Marina Financing Co., a prominent Sharia-compliant financing company based in Saudi Arabia. This collaboration aims to enhance the latter’s Anti-Money Laundering (AML) compliance and risk management capabilities while driving operational efficiency and fostering customer trust.

Morabaha Marina Financing offers innovative financing solutions to individuals and small and medium enterprises within Saudi Arabia. The company's commitment to fostering reliable financing partnerships aligns seamlessly with Tookitaki's advanced technology-driven approach to financial crime prevention.

Mr. Waleed Al-Ghamlas, Executive Managing Director, at Morabaha, expressed, "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."

Mr. Abhishek Chatterjee, Founder and CEO at Tookitaki, stated, "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 advanced 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."

Tookitaki's state-of-the-art AMLS modules – Transaction Monitoring, Smart Screening, Dynamic Risk Scoring, and Case Manager – will play a pivotal role in enabling Morabaha to achieve comprehensive risk coverage, accelerate time-to-market for new typologies, and maintain regulatory readiness. The partnership showcases a shared dedication to delivering excellence in financial services while upholding the highest standards of compliance and security.

About Morabaha

Morabaha Marina Financing Co. is a leading Sharia-compliant financing company based in Saudi Arabia. The company offers innovative financing solutions to individuals and small and medium enterprises through products such as Tawarruq, Ijara, and Murabaha. Morabaha Marina Financing Co. is committed to supporting customers' financial needs and fostering reliable financing partnerships to drive development.