Path Solutions, a Kuwaiti leader in the delivery of integrated solutions to the Islamic financial marketplace, has secured a contract to implement its Islamic Integrated Banking & Investment System (iMAL) at Abu Dhabi Islamic Bank (ADIB). The system will be deployed at the Bank’s Abu Dhabi headquarters and its branches throughout the UAE, and will allow it to extend and enhance its ability to deliver more efficient services to its customers.
iMAL addresses the full spectrum of Islamic products and empowers the user to create new products in accordance with Islamic Sharia' laws.
"iMAL will incorporate applications covering accounting, customer management / account services, funds transfer/ payments, and fund management to support ADIB's banking business," said Ahmad Sager, Chairman, Path Solutions.
"We are pleased to partner with Path Solutions to upgrade our banking system. As a leading provider of Islamic banking solutions, iMAL provides a range of new and innovative knowledge tools and service programs. These will enable us to derive the maximum value in dealing with our banking requirements, customers needs, technological complexity and the process of change and innovation," said Abdul Rahman A Abdul Malik, Chief Executive Officer of ADIB.
"The Bank is expanding its operations and our customers require high technology service delivery channels. Following a balanced approach, the Bank is in the on-going process of establishing state-of-the-art delivery channels with a good mix of physical and non-physical presence," he added.
Mr Abdul Malik further explains, "iMAL fulfils the Bank’s requirements for a reliable system which is easy to use, and which could be implemented rapidly to meet the very tight deadlines we were working to. Other factors which influenced our decision were the system's robust functionality which addresses the business needs of Islamic financial institutions, and the deployment of this system in similar organisations within the Middle East."