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Commenting on the agreement, Ahmed Bazaraa, Chairman of the Board said,
"The decision to implement iMAL is in league with SBYB business strategy to invest extensively in IT with the sole focus on better customer service. The solution is highly flexible and scalable, meeting not only current but future needs of SBYB. iMAL will facilitate single client view across the whole institution and will support an unlimited number of users with non-stop resilience"
Bazaraa emphasized that Path Solutions leverages 17 years of solid experience and expertise in implementing cutting-edge Islamic banking technologies at forward-looking banks, and that SBYB is proud to have Path as its key technology partner.
iMAL solution will support the bank's deposits, payments, customer management, risk management, fixed assets, financial reporting, SWIFT messaging and e-banking. Hence, SBYB will be able to address the new market needs with innovative and cost-effective Islamic banking product offerings.
Naji Moukadam, President of Path Solutions stated, "It is indeed a matter of pride that SBYB has entrusted iMAL solution developed by Path. To meet the requirements of a leading Yemeni financial institution and an affiliate of one of the largest Bahraini banks is a testament to Path Solutions' knowledge of the Islamic banking industry and ability to deliver a compelling solution. As banks in Yemen are moving towards modernization and focusing on quality customer experience, we are moving hand in hand with them by providing state-of-the-art Sharia-compliant software to fulfill their exact needs and requirements".
Moukadam added, "The inclusion of SBYB in our growing list of clients will certainly encourage other Islamic banks in Yemen to opt for a reliable and cost efficient system provided by Path Solutions".
Posted by Rima Ali Al Mashni
