Path Solutions, the market leading provider of Islamic banking software, has announced the deployment and successful rollout of iMAL Islamic core banking system at all the Al Hilal Islamic Banking Services branches of Ahlibank, one of the leading banks in the Sultanate of Oman.
Ahlibank’s new Islamic banking window - Al Hilal Islamic Banking Services launched five branches simultaneously and a sixth branch is planned in Salalah within the next month. The branches are in Samayil, Bahla, Rustaq, Saham and Muscat.
Al Hilal Islamic Banking Services will provide Islamic banking products built on the tenants of truth and transparency in banking with the windows operations being fully segregated from the bank’s conventional activities.
iMAL was implemented using Microsoft Windows OS and Sybase Software and has enabled Ahlibank Oman to benefit from Path Solutions’ strategic relationship with Microsoft to provide cutting-edge banking technologies that address today’s industry challenges and tomorrow’s business opportunities.
“Path Solutions’ iMAL will enable the fast and efficient delivery of innovative, customer-oriented Islamic banking products and services whilst ensuring full compliance with the Sharia guidelines and local regulations. The system will also facilitate innovation and increases the bank’s agility and adaptability to respond to change”, affirmed Abdul Aziz Al Balushi, CEO Ahlibank.
The bank is placing significant importance on AAOIFI-certified technologies to gain a competitive edge by diversifying its business portfolio with varied activities including retail finance, corporate finance and trade finance, and to engage in expansion plans with the aim to become the leader of Islamic banking services across the nation.
Alain Abou Khalil, SVP Global Professional Services, Path Solutions commented, “We are delighted to have partnered with Ahlibank in this project. The kick-off started end of 2011 aiming at making Ahlibank’s Al Hilal Islamic Banking Services the first to operate an Islamic window in Muscat taking advantage of the unique opportunity created by the near non-existence of Islamic banking services in the Sultanate. The project implementation was completed in an aggressive three-month schedule, which has been put on hold for a full year awaiting the obtainment of the Islamic banking license with the release of the Islamic banking regulation by the Central Bank of Oman. Now that the regulation of Islamic banking in Oman has been released, Ahlibank is currently Path Solutions’ second customer to go live on iMAL system running on modern, open technology”.
Ahlibank Oman is a strategic partner of both Ahli United Bank (AUB) which is a leading regional commercial bank and International Finance Corporation (IFC), a member of the World Bank Group.