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.
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.