Path Solutions, the global application software and services firm for the Islamic financial services industry, today announced that National Bank of Kenya (“NBK”), of the biggest banks in Kenya, has opted for Path Solutions’ iMAL Islamic Core banking system for its expansion within the Islamic banking market in the country.
NBK is currently using Misys BankFusion universal banking system for its conventional platform. The bank needed to introduce Islamic banking products on the back of rising demand for products in accordance with Islamic principles. When approaching the selection process, NBK Management team looked not only at diversifying their products but also at fulfilling key aspects of regulatory compliance requirements.
“With new regulations and increasing demand affecting customer expectations from commercial banks in Kenya, NBK was looking for a comprehensive Sharia-compliant solution to effectively compete against other banks offering Islamic banking services in the country”, explained Munir Ahmed, Managing Director of NBK. “After considering several alternatives, we settled on Path Solutions’ iMAL as the most appropriate solution to help us adapt quickly our business to local regulatory changes. By implementing this world-class Core banking solution which covers Accounting, Customer Service Management, Islamic Invest, ATM and Integration Manager - a tool to allow integration with Misys BankFusion, NBK will be able to offer products in line with the Islamic Sharia law to its customers”, Ahmed said.
iMAL Model Bank will allow NBK to scale up business, etch its position in the highly competitive segment of commercial banking in Kenya by making a big leap forward. This proposition will help the bank expand faster in the country by delivering secure, unique and innovative products and services in a compliant manner.
“Path Solutions offers best-in-class Islamic banking software solutions; Moreover, we take pride in having industry expertise, strong project management skills and proven implementation methodology required to successfully complete this project and add value to our clients. This deal is further testimony to our leadership positioning in the Islamic banking sector and more specifically in Kenya, while the country is trying to establish itself as a major Islamic financial hub in Eastern Africa”, said Mohammed Kateeb, Chairman & CEO of Path Solutions Group.
According to a spokesperson for NBK, such technological investments are expected to help boost profitability and create revenue growth for the bank in the long run.