Elaf Bank and Path Solutions sign strategic partnership agreement

The implementation at Elaf will cover Portfolio Management & Sukuk Trading, Direct Investments, Islamic Treasury, Financial and MIS Reporting, Central Bank Reporting, SWIFT Messaging and CRM which handles the following functions: Clients' Positions, Trading Movements and Orders' Management.

Dr. Jamil Jaroudi, CEO of Elaf, said:

"We have reviewed several core banking systems currently being provided in the financial services sector. Based on the life cycle of Elaf and the IT needs of an investment bank offering financial products in the Shari'a compliant space, we have identified Path Solutions as the IT provider of choice for our current needs, in order to achieve our business goals."

Dr. Jaroudi added: "Our search was for a complete enterprise solution with a rapid deployment methodology to keep pace with the dynamic banking environment. iMAL offers the right mix of modules and customization options, while Path Solutions has promised an exceptional after sale service presence too. These criteria have simplified our choice and we look forward to working with Path Solutions to enable our clients take full advantage of our banking products."

"We are happy to be selected by Elaf to install iMAL's latest version", stated Mr. Nazzem Yaghmour, Path Solutions' EVP Business Development. "They have evaluated several leading technology solutions and finally chose iMAL system from Path for its ability to support the bank's crucial objectives on client-centricity, growth and time-to-market for business related changes."

iMAL is expected to help Elaf provide a diversified range of high quality Islamic banking products to its customers with far greater speed, accuracy and integrity. Furthermore, it will assist the bank in taking advantage of new market opportunities, thus accomplishing challenging returns in the shortest period.