Path Solutions signs four new banks to its Islamic banking system
- Saudi Arabia: Saturday, January 15 - 2011 at 10:06
- PRESS RELEASE
Path Solutions, the leading banking software provider focusing on the Islamic banking segment, today announced the winning of four new projects in West Africa; Banque Islamique du Senegal, Banque Islamique de Mauritanie, Banque Islamique de Guinee and Banque Islamique du Niger pour le Commerce et l'Investissement.
"Path Solutions' specialized software, iMAL, delivers all the functionality and efficiencies needed in this evolving dynamic market. We are confident that Path Solutions' core banking system with its various functionalities has the capability to meet our expectations of business growth. It will also enable us to innovate and develop new products to our customers", said Zakiyoulahi Sow, Managing Director of Tamweel Holding Group.
He further added that iMAL will help the banks ensure full Sharia-compliant operations while delivering high quality customer-oriented services and competitive Islamic financing products. The system will also be used at the new affiliates that Tamweel Africa is considering to establish in Mali, Benin, Gambia and other countries.
Mohammed Kateeb, Chairman & CEO of Path Solutions commented: "The four new deals consolidate Path Solutions' position as the leading Islamic software provider in Africa by offering banks a proven, state-of-the-art solution. We are delighted to provide our new customers with world class software system to enable the standardization of their processes and to support their business growth. In addition we are committed to ensuring that our four new customers increase their overall productivity and get maximum return on their investments. This is a significant step of strengthening our iMAL solution worldwide and it is a further proof of our firm commitment to the Islamic finance segment."
The four banks will be deploying iMAL 12 which will allow them to benefit from the functionalities of the new release. The project will kick off in January, with the first phase expected to go live in 2011. Path Solutions' iMAL will provide transaction banking functionality including account services, profit calculation, risk management, trade finance, Islamic investment, reporting and delivery channels.
The selection process was supervised by Bank Asya, Turkey's leading participation bank and strategic partner of ICD in Tamweel Africa. It included all the global vendors for core banking solutions and the selection of iMAL was due to three main reasons, its superior functionality, flexibility and scalability.
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