Abu Dhabi Islamic Bank (ADIB) has chosen Kuwait-based banking technology vendor Path Solutions to implement its Islamic integrated banking & investment system (iMAL) at its headquarters and branches throughout the UAE.
iMAL offers a full spectrum of Islamic products in accordance with Islamic Sharia' laws, says the company.
Ahmad Sager, chairman, Path Solutions, says iMAL will incorporate applications covering accounting, customer management/account services, funds transfer/payments, and fund management to support ADIB's banking business.
Abdul Rahman A Abdul Malik, chief executive officer of ADIB, says the bank is expanding its operations and that iMAL fulfils its requirements for a reliable system which could be implemented within a tight deadline. "Other factors which influenced our decision were the system's robust functionality which addresses the business needs of Islamic financial institutions, and the deployment of this system in similar organisations within the Middle East," he adds.