Path Solutions announces today that Sudanese Egyptian Bank (SEB) has successfully completed the implementation of iMAL Islamic core banking system across its operations in 7 retail branches.
The iMAL solution, which was chosen to replace SEB’s legacy outsourced system, will now accelerate the growth of its retail banking business and further enhance its customer experience.
SEB’s management wanted to maintain its competitive edge in the Sudanese market and ensure that it is using a true Sharia-compliant core banking system. The bank selected iMAL Islamic Banking & Investment System over a number of international core banking systems. This selection granted SEB a rapid implementation of less than 6 months covering the following business areas; Branch Automation, Financing Application Management, Retail Financing, Corporate Financing, Trade Financing, Provisioning, Treasury operations, Central Bank Reporting, along with data migration and interfaces with Credit Bureau and ATM.
“The very fast and successful project completion is testament to Path Solutions’ breadth of knowledge and experience in this segment”, stated Sami Hussein Alrakha, Head of Information Technology at SEB. “We are confident that using iMAL, we will be able to launch innovative Islamic banking products and services to market quickly - something that used to take months of development with the previous core banking system. We will also be able to tailor and modify business processes to our exact requirements, significantly improving operational efficiency”.
Path Solutions was chosen for its proven project management and deployment methodology, rapid implementation successes and the experience of working closely with other Islamic financial institutions in Sudan such as Bank of Khartoum, United Capital Bank, Financial Investment Bank, Arab Sudanese Bank and Al Baraka Bank Sudan.
Jacob Zachariah Karuvelil, Executive Vice President, Global Professional Services & Global Support, Path Solutions, commented, “It was a particularly delicate situation whereby we had to replace SEB’s old outsourced system within a short timeframe. For an existing full-fledged Islamic bank operating with 7 retail branches, failing to overcome this challenge would be disastrous. Our team managed to deploy the new core banking system seamlessly, with no interruption to daily operations”. He then explained, “Despite a major delay in receiving the data extracted from a third party, we managed to alter our migration approach and tools in order to accommodate this delay and succeeded in migrating all the needed data to our core banking system. We look forward to continuing to work closely alongside SEB as they expand their business rapidly and stay ahead of the market”.
Path Solutions has a well-defined migration path to its iMAL clients and it prioritizes quality and delivery which enables Islamic financial institutions to give true value-added services to their clientele in a relatively short time.