The collaboration is expected to leverage audax’s robust, customer-centric digital banking platform − built on Amazon Web Services − to deliver an end-to-end solution tailored for Islamic banking. While the underlying system architecture remains similar to conventional digital banking solutions, the key differentiator lies in the product offerings. 

In Islamic banking, profit sharing replaces conventional interest calculations in compliance with Sharia principles, ensuring that all products are both ethical and appealing to Indonesia’s predominantly Muslim population.

“A significant part of our approach is not only modernizing the digital system but also tailoring the product suite to meet Islamic financial standards,” Indra Salim, Director of Sales and Partnerships at audax, spoke to Indonesia Business Post on Monday, February 17, 2025 . 

“The partnership with Maybank Islamic marks our commitment to bringing faster, more efficient banking services to segments that have long been underserved.”

The new platform is designed to streamline processes that have traditionally been manual and time-consuming, such as customer onboarding, credit assessment, and compliance checks. By integrating advanced digital capabilities − including biometric verification, digital document capture, and soon-to-be-integrated artificial intelligence − audax aims to simplify banking for everyone from urban professionals to smallholder farmers and fishermen in rural regions.

Regulatory developments by Indonesia’s Financial Services Authority (OJK) have also played a pivotal role. Recent initiatives such as the national open banking standards and the SNAP BI Guidelines are expected to facilitate smoother integration of digital financial services, ensuring robust compliance and enhanced customer protection. 

Indra Salim notes that while digital systems for conventional and Islamic banking share much of the same technology, the essence of Islamic banking lies in its adherence to Sharia law. 

“Islamic banks focus on profit-sharing mechanisms while ensuring ethical and fair transactions, which necessitates a different approach in product development, even though the underlying technology might be similar,” said Indra.