Path Solutions, the market leading provider of Islamic financial software solutions and services, announced today that Bank of Khartoum Group signed a license to acquire the new ground-breaking version of iMAL Islamic core banking system for its newly established branch in the United Arab Emirates - BOK International UAE.
iMAL latest version offers an advanced and agile banking platform carrying many technical and functional refinements that would bridge the fintech gap. With this further investment in Path Solutions, BOK Group will have the best solution available in the market to meet its international expansion plans. The latest version of iMAL, which was selected over international competitors’ systems, will deliver competitive edge to BOK International UAE bringing real benefits to the bank’s customers - particularly in areas like Sharia and regulatory compliance, customer service management, Islamic investment, asset management, trade and project finance, and international money transfers.
BOK International UAE is a fully-owned subsidiary of Bank of Khartoum Group, the largest and most prestigious financial institution in Sudan. In August 2017, the bank was granted the final operational license by the Central Bank of the UAE after fulfilling all requirements of the initial provisional license that had been granted in April 2016, achieving a significant milestone in its strategy to provide a wide range of Sharia-based innovative products and services to retail and commercial customers in this new geography.
“iMAL supports the bank’s operations across Sudan and Kingdom of Bahrain, and we have achieved successful results with this solution, being in line with the principles of Sharia law. BOK International is a new entrant in the UAE market, and we strongly believe that iMAL, a truly world-class Sharia-based banking solution will bring us tangible benefits in the way we run our business in the UAE”, commented Fadi Al Faqih, Chief Executive Officer of BOK Group. “We are confident that iMAL will give BOK International UAE a significant edge and sustained steady growth advantage over our competitors, in the same way it is empowering us in Sudan and Kingdom of Bahrain”.
In 2009, Path Solutions was able to deploy a cutting-edge turnkey solution covering all BOK Group expansion needs across its subsidiaries, and implement a centralized architecture to serve them on a single platform. BOK Group is thus managing rapid international expansion with iMAL Islamic Banking & Investment System, with a strand of significant achievements. In 2016, BOK achieved 25.72% return on equity, 3.14% return on assets with a balance sheet asset size of an equivalent of US $2.5 billion. Moreover, the bank achieved a (AA-) rating for the sixth consecutive year by Islamic International Rating Agency (IIRA) and is considered the only Sudanese bank that has been de-listed from OFAC SDN list since April 2011.
“We are excited to be a partner in this impressive international growth by BOK Group, because it is a loud testimonial to the value we are bringing”, said Mohammed Kateeb, the Group Chairman & CEO of Path Solutions. “New age banking with all its regulatory challenges across different countries requires industry depth and knowledge of local markets, and an advanced core banking platform. A world-class technology is vital to achieving BOK International growth objectives in the UAE. iMAL has proven its excellence in Sharia compliance, security and risk management capabilities, and the flexibility to scale the business rapidly to meet future expansion plans”, Kateeb added.
BOK Group shareholders in the UAE are leading regional Islamic and financial institutions supported by Dubai Islamic Bank, Islamic Development Bank Jeddah, Abu Dhabi Islamic Bank along with many other prominent Sudanese and regional businessmen. The bank will pioneer and provide innovative Sharia-based banking products and services to the local community.