20 April 2018
Visit https://aciworldwide.webex.com

Alrajih Islamic Bank signs to implement iMAL from Path Solutions

13 December 2017  |  1149 views  |  0 Source: Path Solutions

Path Solutions, the global provider of software solutions and services for Islamic banks and financial institutions, announces that Alrajih Islamic Bank for Investment and Financing (“Alrajih Islamic Bank”) has selected the multi-award winning Islamic core banking system iMAL ahead of ICS Financial Systems’ ICS BANKS ISLAMIC, to engage in banking activities in accordance with the provisions of Islamic law.

The signing ceremony took place in Beirut, Lebanon in the presence of the CEO of Alrajih Islamic Bank, Mohamad Abdellatif Ali and the Group Chairman & CEO of Path Solutions, Mohammed Kateeb, and a number of senior staff of the bank and the IT firm.

Under the terms of the contract, Alrajih Islamic Bank will implement the iMAL modules for core, CSM, credit facilities, risk management and FATCA, trade finance, personnel & payroll, Islamic invest, Islamic profit calculation, electronic cheque clearing, delivery channels including mobile banking, central bank reporting, and ATM management.

“We are pleased to confirm our partnership with Path Solutions for implementing iMAL Islamic banking & Investment System, to meet our clients’ Sharia-compliant banking needs in Iraq. Our aim is to provide new banking services in light of the significant growth Islamic banking is witnessing in the country, and to contribute to the support and the development of national economy and Iraq’s reconstruction. We are very confident that iMAL will drive the bank’s productivity, lower our costs and risks, and ensure customer-centricity”, commented Mohamad Abdellatif Ali, CEO of Alrajih Islamic Bank.

Mohammed Kateeb, Path Solutions’ Group Chairman & CEO stated, “Our excellent global reputation in the marketplace has made it easier for Alrajih Islamic Bank to choose iMAL amongst other Islamic banking systems. Their choice was also influenced by our strong expertise, successful accomplishments and global reach. This implementation will allow them to achieve their growth strategy with modern, superior Sharia-compliant banking services by way of a technologically-advanced Islamic core banking platform, while offering the necessary innovation to attract the majority of the population that are currently unbanked”.

Comments: (0)

Comment on this story (membership required)

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.ebaday.comVisit https://aciworldwide.webex.comVisit http://response.ncr.com

Top topics

Most viewed Most shared
Competing in an increasingly competitive spaceCompeting in an increasingly competitive s...
10996 views comments | 1 tweets | 2 linkedin
Revolut launches spare change savings toolRevolut launches spare change savings tool
9472 views comments | 14 tweets | 19 linkedin
TransferWise becomes first non-bank to open settlement account with BofE RTGSTransferWise becomes first non-bank to ope...
8378 views comments | 17 tweets | 30 linkedin
Barclays Bank sets up tech venture unitBarclays Bank sets up tech venture unit
8246 views comments | 16 tweets | 22 linkedin

Featured job

Competitive base, double OTE
London, UK or Paris, France or Frankfurt, Germany (other major cities in Europe considered)

Find your next job