Syria International Islamic Bank chooses Path Solutions' avant-garde Core banking system

Headquartered in Damascus, SIIB is one of the first Islamic banks in Syria. With the help of this technology initiative, the bank hopes to become one of the region's leading banks to offer sophisticated Sharia-compliant services.

On this occasion, Abdel Qader Dweik, SIIB General Manager, said:

"The purpose of our partnership with Path Solutions is to give our bank a jumpstart. We have chosen a partner that possesses the skills and technical expertise in delivering ethically-aware banking solutions that will enable SIIB to get a prominent position in the market."

Qatar International Islamic Bank along with a group of major Qatari investors are behind the joint set up of Syria International Islamic Bank, one of the first Islamic banks in Syria, which has got licenses to open offshoots and start operations in Damascus and many provinces in Syria.

Nazzem Yaghmour, EVP Business Development, Path Solutions confirmed, "Teaming with SIIB is very important to us. Our second win in Syria significantly expands our footprint in the region. We are confident that with Path Solutions' experience and technological capabilities, SIIB will be able to derive tangible business benefits and satisfy its customers in the times ahead".

Commenting on the selection process, Firas Shrourou, Head of IT at SIIB said: "We selected iMAL based on its global track record and expansive solution functionality. We are devoting ourselves to delivering unparalleled value to our customers and to helping them increase the operational efficiency of their business".

Mr. Shrourou added: "Path Solutions' understanding of our requirements and its commitment to the management and delivery of our project on time means that Path is ideally suited to help us achieve those extremely important objectives for our bank".

Under the terms of the contract, Path Solutions will provide SIIB with a number of key banking services mainly Islamic Core banking, Islamic Treasury, Islamic Financing and Branch Automation applications.

According to Rosie Kmeid, Head of Corporate Communications at Path Solutions, "This deal is a testimony to the growing global acceptance of Path's enterprise solution as the new generation technology best suited to meet the emerging challenges of the new-age Islamic banking industry".