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It is adopting iMAL, the system of choice for numerous leading financial institutions, for their entire banking operations.
Commenting on the signing, Said Itani, Head of IT at IIB said:
"The Board required us to acquire the Sharia-compliant banking solution in the market that most closely matches IIB's requirements. The selection was rigorous and aimed to fully automate all key business processes and to significantly enhance management information, thereby further increasing our competitive edge. We are confident that with the implementation of iMAL and the support of Path Solutions, IIB will be able to improve operational efficiency, asset management, risk management and client service."
Path Solutions has a proven-track record in the implementation of Islamic banking software.
The company is consolidating its dominant position in the Gulf region and beyond.
With a footprint across 4 continents, Path has been acknowledged on different occasions through winning a series of awards for its continuous contribution to Islamic finance in IT.
Nazzem Yaghmour, Path Solutions' EVP Business Development, said: "Operating with state-of-the-art IT system is at the forefront of IIB's business strategy". He added: "'We look forward to a productive partnership with a prestigious institution like IIB, which will further enhance our profile in the region as the leader in Islamic banking solutions. With iMAL, IIB can rest assured that our best-in-class Sharia-compliant banking system will deliver an outstanding return on investment."
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Posted by Eman Hassan
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