January 1, 2011Path Solutions Successes in Iraq, Yemen and the Maldives
At the end of September the International Development Bank (IDB) of Iraq signed up for iMAL, which will integrate various aspects of the Iraqi International Development Bank’s divisions including core banking, internet banking, branch automation, trade finance, Islamic treasury, Islamic profit calculation, data warehouse and management information systems, delivery channels and central bank reporting.
Path Solutions’ Chairman and CEO, Mohammed Kateeb, said that the International Development Bank of Iraq win reaffirms Path Solutions’ greater regional focus. ‘Signing up with IDB of Iraq is an important landmark for Path Solutions since it establishes a dominant place for iMAL core banking solution in the country. Over the past year, we have been in rapid client acquisition mode in Iraq, which we see as one of our key markets’, he said. ‘We will continue to focus strongly on the Iraqi market, where we have already made our mark with two other clients, by providing best-of-breed AAOIFI-certified software solutions and services’, Kateeb added. .
General Manager of the International Development Bank of Iraq Hussein Alhakim said, ‘Our plans are totally focused in meeting current and evolving client needs towards sustainable business growth. This agreement is in line with the strategy of International Development Bank of Iraq to further strengthen its leadership position in the Islamic banking space not only in Iraq but the whole region’. .
In October they announced Shamil Bank of Yemen and Bahrain has gone live with the iMAL Islamic core banking suite. ‘We want to position ourselves as a leading provider of innovative products and customer-friendly Islamic banking services in Yemen’, said Saeed Bazara, General Manager of SBYB. ‘Deployment of effective technology is a key element in enabling SBYB to deliver first-class banking services to its privileged clientele. We have been working closely with Path Solutions’ project team to ensure a smooth transition from our bank’s systems to iMAL , which we believe will address the challenges of real-time availability, scalability, improved time to market and enhanced modern banking services to our customers.’ .
SBYB went live on Saturday the 2 October, after turning off its old systems. The decision was taken after two successful weeks of parallel run. .
In December Path announced that Maldives Islamic Bank Pvt. Ltd. (MIB), the first Islamic bank to be set up in Maldives, has selected Path Solutions’ iMAL for its core banking solution including Islamic Invest, Trade Finance, SWIFT and reporting modules. .
MIB is collaboration between the Islamic Corporation for the Development of the Private Sector, the private sector arm of the Islamic Development Bank with a 70% interest and the Government of Maldives which holds the remaining 30%. It received a banking licence to conduct Islamic banking business from the Maldives Monetary Authority in August 2010. MIB Chairman Khaled Al Aboodi said the bank hopes to capture up to 25% of its local market share within three years or so by offering Islamic finance products targeting small and medium enterprises (SMEs) and fisheries.
Harith Harun, Managing Director of MIB commented, ‘MIB is focused on offering innovative Islamic banking products and solutions of international standards that meet the needs of corporate and retail clients, stimulating the demand for such services in the country. To meet its development requirements, MIB required a highly scalable, pure Islamic banking software system which could support faster product innovation and deliver a differentiated customer experience.’ With a 100% Muslim population of some 330,000 in Maldives, Harun expects strong demand for Shari’ah-compliant products to drive the bank’s future growth.
As part of the evaluation process, MIB considered several solutions from other major providers before selecting iMAL from Path Solutions. The extensive selection process focused on acquiring new generation technology to support the bank’s imperatives on Shari’ah compliance, customer centricity and time-to-market for business related changes.
http://www.newhorizon-islamicbanking.com/index.cfm?section=TECHNEWS&action=view&id=11029
