On October 22, 2026, in Singapore, the technology transformation project of Zaman Bank, implemented in partnership with Colvir Software Solutions, received international recognition at the Global Retail Banking Innovation Awards 2026. The award in the “Outstanding IT Transformation by a Retail Bank” category recognizes the results of a partnership that is helping shape a new model of Islamic banking in Kazakhstan, combining Sharia principles, modern digital services, and a unified banking technology platform.
The Global Retail Banking Innovation Awards are organized by The Digital Banker, an international banking industry publication. In 2026, the awards were held for the ninth time, recognizing achievements by banks and technology companies from around the world. The expert jury places particular emphasis not only on innovation, but also on implementation quality, scalability, and tangible results for businesses and customers.
The award received by Colvir and Zaman Bank represents international recognition of one of the most significant areas of banking technology development in Central Asia: the digital transformation of Islamic finance.
From a Core Banking System to a Comprehensive Digital Islamic Banking Model
The partnership between Colvir and Zaman Bank began with the implementation of the Colvir Core Banking System, which went live in October 2020. Over the following years, the technology platform became the foundation for developing new areas of the bank's business.
In 2025, the partners implemented a large-scale program to expand Islamic retail banking services. The objective was not simply to launch individual products, but to develop a unified digital model in which customer services, product functionality, accounting, controls, and regulatory reporting operate as an integrated system.
As a result of the joint project, Zaman Bank significantly expanded its range of Islamic financial products for individuals and entrepreneurs, enabling customers to apply for and manage these products remotely through the ZAMAN BANK and ZAMAN BUSINESS mobile applications.
The project included the implementation of commodity Murabaha financing, Wakala Zaman, Wakala Kopilka, and Wakala Overnight investment deposit products, as well as a guarantee deposit. The new products were integrated into the bank's existing infrastructure, expanding digital banking capabilities without the need to build separate technology systems.
For customers, this means transparent terms and convenient remote access to banking services. For the bank, it provides the flexibility to expand its product portfolio and grow digital sales without developing separate IT infrastructure for each new product.
Three Production Launches, One Architecture, and Scalable Results
The technology transformation was implemented in successive stages. In May 2025, the partners launched the first phase of financing products. In September, term investment deposits went live, followed in October by additional system functionality for collateral accounting, guarantee deposits, and technical overdrafts.
The solution is built on the Colvir Core Banking System and the Colvir Service Bus 2.0 integration platform. This architecture enables seamless interaction between the core banking system, mobile applications, and external systems, while automating transaction processing, accounting, and reporting.
One of the most important outcomes was the creation of a unified technology environment that enables the bank to develop and launch new Islamic financial products more quickly by reusing existing functionality and infrastructure.
Bringing Islamic Banking Closer to Customers
For Zaman Bank, the development of digital services is part of its long-term strategy to make Islamic finance more accessible in Kazakhstan.
Founded in 1991 and licensed as an Islamic bank in 2017, Zaman Bank has consistently developed a service model that combines financial products compliant with Sharia principles with the convenience of modern banking technologies.
The project implemented jointly with Colvir brings these two priorities together. Customers benefit from remote banking services and transparent financing terms, while the bank gains tools for centralized management of products, risks, accounting, and regulatory compliance.
The Next Stage: New Islamic Products and Further Platform Development
The award marks an important milestone in the long-standing partnership between Colvir and Zaman Bank, which continues to grow and evolve.
For Colvir Software Solutions, the international recognition of the joint project highlights the value of the company's extensive expertise in Islamic banking automation. Operating in the financial markets of seven countries, Colvir continues to develop solutions that enable banks to introduce new business models and adapt their technology infrastructure to national regulatory requirements and the specific features of financial products.
The success at the Global Retail Banking Innovation Awards 2026 further demonstrates that banking technologies developed and implemented in Central Asia are gaining recognition on the international stage.
Colvir Software Solutions extends its sincere appreciation to the Zaman Bank team for their trust, professionalism, and long-standing partnership. The collaboration continues, creating new opportunities to develop modern, accessible, and technology-driven Islamic financial services.