Kuwait-based Islamic banking technology provider Path Solutions, announces today that BOK International (“BOKI”) first overseas branch office for Bank of Khartoum (“BOK”) in Bahrain has completed successfully the implementation of iMAL across its operations.
The Islamic core banking system iMAL, which was chosen over competitors’ systems, will now launch and accelerate the growth of BOKI’s banking business in Bahrain by allowing the bank to provide world-class banking services in line with the Islamic principles to corporates and high net worth individuals.
The Central Bank of Bahrain (CBB) has granted a license to BOK, Sudan’s biggest privately owned bank, to open a branch in Bahrain. BOK International is the first branch outside Sudan and Bank of Khartoum is the first Sudanese bank holding an Islamic banking branch license in Bahrain.
“Bahrain is an increasingly competitive market. Thus, the implementation of iMAL Islamic core banking system will equip BOKI with essential tools to develop and expand its regional presence and innovate in its customer offering”, commented Mohammed Kateeb, Group Chairman & CEO of Path Solutions. And he added, “The very fast implementation is testament both to the quality of our core banking system and the expertise of the project teams from Path and BOKI. We are delighted to see iMAL going live once again at a leading Sudanese bank, longtime user of iMAL, and helping support both its national and international operations. The progression of the roll-out across the Bahraini branch will give the local banking community a huge boost in its capabilities and its international standing”.
The smooth implementation, which was completed in a short timeframe of exquisite dedication, high level of professionalism, expertise and hard work included the deployment of CSM, accounting system, trade finance, facility management, Islamic invest, fixed assets system, batch processing, report designer, SWIFT and SAFE, covering the data replication of all above modules.
“We are aiming to grow our business tenfold over the next three years in Bahrain”, said Fadi Al Faqih, Group CEO of BOK. “This groundbreaking turnkey solution and the broad experience Path Solutions has built up over the last two and a half decades were crucial to the deal. We are delighted that our team, and the experts from Path Solutions have enabled us to go live so quickly. We will be now providing our customers with an innovative range of Sharia-compliant products and services”, Faqih concluded.
“We are very pleased to partner with Path Solutions. The system will enable us to have robust internal controls and streamline our regulatory reporting and audit requirements”, said Nabeel Al Tattan, CEO of BOKI. “We will also be able to ensure the speedy delivery of Islamic products and services to our regional customers, who are increasing by the moment”.
BOK, already running its entire operations in all its branches in Sudan on iMAL, was the first bank established in 1913 by the Anglo-Egyptian regime. In 1925, it was renamed ”Barclay’s Overseas Bank“ and renamed ”Barclay’s Bank“ in 1954. Dubai Islamic Bank is the primary shareholder with 28% ownership in the bank. The other institutional shareholders are also pioneers in regional Islamic banking and include the Islamic Development Bank, Abu Dhabi Islamic Bank, Sharjah Islamic Bank, United Arab Emirates, Etisalat, and local and regional investors.