IslamicFinance.de

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.

The Central Bank of Suriname has granted the Trust Bank a licence to commence Islamic banking. Trust Bank plans to be in operation by the first quarter of 2017. A year ago, Trust Bank signed an advisory services agreement with the Islamic Corporation for the Development of the Private Sector (ICD), to support its conversion into Islamic compliant operations. CEO of Trust Bank, Maureen Badjoeri said that Trust Bank wants to facilitate SMEs in more ways than just financially. With this approach, SMEs will be able to start-up or expand production of goods and services with a spin-off in job creation, trade, export and adding to GDP growth. With the Trust Bank closer to reality, Suriname may emerge as a hub for Islamic banking and finance in the region.

Suriname's Trust Bank plans to complete a conversion of its operations to Islamic banking by the end of this year, becoming the first full-fledged Islamic bank in South America. CEO Maureen Badjoeri said the bank aims to expand financing to small businesses and build stronger commercial links with Muslim countries. The advisor of the coversion is the Islamic Corporation for the Development of the Private Sector (ICD), which may also take a strategic stake in the bank after the transition is completed.