Path Solutions signs four new banks to its Islamic banking system

The four banks owned and managed by Dakar-based Tamweel Africa SA have decided to align their core banking systems and have selected Path Solutions' iMAL Islamic banking & investment system. This outstanding deal opens up for Path Solutions new horizons in West Africa and builds a much stronger presence for iMAL in the African continent.

"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.