Trustbank from Suriname is one step closer to open its doors to customers interested in Islamic banking products after it signed a new licensing deal with the Kuwaiti based software vendor, Path Solutions, to implement Islamic Banking and Investment System as a new core banking platform.
This is major thing for the Path Solutions, as it’s the company’s first Islamic core banking software deal in the Americas. The company won the deal as one of three shortlisted vendors besides Oracle FS, Temenos. Path Solutions won the deal because of ist Sharia compliance, product functionality and technological superiority.
Premier Bank in Somalia has successfully gone live with Path Solutions’ iMAL Islamic Banking & Investment System on the 29th of December 2014. The implementation of the new R14 Branch Automation in the latest Java version serves the bank’s purposes of focusing on its business growth, managing risks and controlling costs. Phase I implementation covers System Admin, Accounting, Customer Service Management (CSM), Report Designer, SWIFT, Alerts (SMS Banking), and Processing modules in iMAL. Phase II implementation is already in progress and includes Facility Management System, Islamic Investment System, Provisioning, Profit Calculation System and Integration Manager modules along with Internet Banking, ATM, and Mobile Banking.
Path Solutions has maintained its 1st place position in the IBS Islamic Core Banking Systems Sales League Table 2014, with Swiss-based Temenos and Lebanon-based BML Istisharat securing second and third positions in the list. The IBS Islamic Core Banking Systems Sales League Table is an international ranking of Sharia-compliant core banking systems sales. It evaluates their strengths, weaknesses, various systems and verifies their user lists to form an unbiased picture of the merits of each supplier and its new name wins. The win marks Path Solutions' fifth appearance as No. 1 Best Selling Islamic Software Provider Worldwide on IBS's list.
Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) yesterday announced that the certification granted to Islamic banking and finance information systems offered by Path Solutions has been withdrawn with effect from September 1. Therefore, AAOIFI no longer certifies that the Islamic banking and finance information systems offered by Path Solutions as being compliant to AAOIFI standards, and bears no responsibility on the Sharia compliance of their systems.
Islamic banking is yet to get a foothold in the country with RBI not extending the permission, but the Indian subsidiary of a Kuwait company is setting up a global support centre providing Islamic core banking solutions at Infopark, Cherthala, on Friday. Path Solutions India is a wholly owned subsidiary of Path Solutions K.S.C.C, Kuwait. According to Mohammed Kateeb, group chairman and CEO of Path Solutions, the company plans to have over 30 professionals working from its global support and development centre by the end of second quarter. Path Solutions wants to utilize the local skilled resources to deliver value-added software solutions and services to its clients. The centre will be opened by Aroor MLA A.M. Arif at 5 pm. IT principal secretary P.H. Kurien and Infopark CEO Hrishikesh Nair will attend the function among others.
Path Solutions, provider of Islamic banking software, has announced the deployment and successful rollout of iMAL Islamic core banking system at all five Al Hilal Islamic Banking Services branches of Ahlibank. iMAL was implemented using Microsoft Windows OS and Sybase Software. According to Ahlibank CEO Abdul Aziz Al Balushi, iMAL will enable the delivery of Islamic banking products and services whilst ensuring full compliance with the Sharia guidelines and local regulations.
Banque Populaire de Mauritanie (BPM) recently announced its decision to use Path Solutions's new iMAL as its Islamic Core Banking Solution in order to keep up with the national and international competition in terms of functionality and technical state. According to Limam Ould Ebnou - AGM of Groupe Mauritanie Leasing, the owner of BPM - Groupe Mauritanie Leasing is set to diversify their activities. Banking operations compliant with Islamic law are a key area in the financial group's plans. Thus a suitable alternative to conventional banking and the establishment of socio-economic infrastructure in the country can be ensured.
Bank Nizwa chose Path Solutions’ iMAL for its entire Islamic core banking solutions needs. The agreement was signed in Muscat between the Chairman of the Founding Committee of Bank Nizwa, Ahmed Saif Al Rawahi, and Path Solutions’ Group Chairman & CEO, Mohammed Kateeb. Witnesses at the ceremony were representatives of the founders of the Bank.
According to the agreement, Path Solutions will install at Bank Nizwa the state-of-the-art core banking system, iMAL which is an integrated, scalable and Sharia-compliant banking solution that helps financial institutions offer competitive Islamic products and unparalleled service to customers.
Path Solutions and Banque Islamique de Mauritanie (BIM) presented the successful Go Live of iMAL Islamic banking solution at BIM main branch in Nouakchott, Mauritania, on Sunday the 2nd of October.
Path Solutions gives complete end-to-end solutions for the Islamic finance sector which allow its clients to have a 'one-stop shop' for all their needs. The AAOIFI-certified iMAL has reached an unprecedented success by continuing to offer superior performance, flexibility and ease-of-use.
Path Solutions stated that Jaiz International Bank has chosen iMAL to achieve growth objectives and future plans. Jaiz International Bank is the first licensed Islamic bank in Nigeria. The bank's offer would be corporate banking, housing finance, car finance, retail banking products as well as other services that conform with the tenets of Islam.
The new agreement underlines the leading position of Path Solutions in the nascent West African Islamic banking market.