Bank Nizwa, with headquarters in the Sultanate of Oman announced today that it has selected Path Solutions’ iMAL for its complete Islamic core banking solutions needs. The agreement was signed in Muscat between the Chairman of the Founding Committee of Bank Nizwa, Ahmed Saif Al Rawahi, and Path Solutions’ Group Chairman & CEO, Mohammed Kateeb. The ceremony was witnessed by representatives of the founders of the Bank.
As per the agreement between the two parties, Kuwaiti software services company Path Solutions will install at Bank Nizwa the state-of-the-art core banking system, iMAL which is an integrated, scalable and Sharia-compliant banking solution that helps financial institutions deliver competitive Islamic products and unparalleled service to customers.
The selection of Path Solutions is a further recognition of the company’s strength in the Gulf region as the preferred Islamic banking solution provider.
Path Solutions has extensive expertise and experience in the provision and implementation of Islamic banking software solutions, while Bank Nizwa is Oman’s first standalone Islamic bank. Bank Nizwa aspires to be one of the Sultanate’s best banks, offering outstanding and innovative products and services, as well as contributing to the entire community.
Bank Nizwa’s Founding Committee Chairman, Ahmed Saif Al Rawahi said, “In line with the Bank’s ambitious growth plans, Bank Nizwa will open up throughout Oman to provide financial facilities and services as to fulfill the needs of its customers. In pursuing this objective we sought a partner that has a successful track record in providing and implementing Islamic banking software solutions and will work well with the structure of our business. Path Solutions’ iMAL fits the criteria well and is able to meet our requirements and will help us grow fast”.
Experts believe that the Sharia-compliant financial institutions in Oman may capture 10 per cent of the market share of the total banking assets within few years. The Sultanate’s banking assets are of $40-42 billion and are growing at a healthy pace.
Path Solutions’ Group Chairman & CEO, Mohammed Kateeb pointed out, “Bank Nizwa’s decision to adopt iMAL reflects the high level of confidence our customers have in our solutions. As the leading Islamic financial solutions provider, we strive to continuously provide our customers wider and more flexible range of Islamic software solutions as we understand the dynamics of today’s growing needs in the banking and finance industry. We are confident that with the implementation of iMAL, Bank Nizwa will be able to achieve high efficiency and productivity”.
Path Solutions which offers corporate, retail, investment and Islamic banking software solutions, has over 73 clients globally. Of the total, 46% of its client base is within GCC, 19% in Africa, 18% in the Middle East, 11% in Asia Pacific and about 6% in Europe.