Path Solutions, the global Islamic core banking system provider, today announced that Amãna Bank, Sri Lanka’s first and only licensed commercial bank to fully operate on Islamic banking principles, went live on Monday April 25th with iMAL*IslamicTreasury and iMAL*AssetManagement solutions to manage the Bank’s operations.
iMAL*IslamicTreasury and iMAL*AssetManagement solutions have replaced a legacy Treasury and Equity Management Solution. The system will support all Islamic treasury requirements of Amãna Bank across a range of products, including FX, Promissory FX Operations, Money Market, and Equity Investments. The implementation was completed with successful data migration, reports developments and SWIFT interface.
Project Chairman, Amãna Bank’s Assistant Vice President IT, Rajitha Dissanayake commented, “One of the major goals in bringing iMAL onboard was to prepare the Bank’s system environment for the challenges of the future. In Path Solutions, we’ve found a dedicated partner to accompany us along the way. It wasn’t an easy task given the challenging timeframe of 24 days for system replacement, but things were made easy with the high level of professionalism and dedication shown by all stakeholders. Now, Path Solutions has a happy client that successfully migrated to iMAL*IslamicTreasury and iMAL*AssetManagement from a legacy Treasury Management system in a record time. The implementation covered treasury operations, asset management, accounting, reporting and limits management, which provide a holistic, real-time and centralized treasury platform for Amãna Bank. We look forward to strengthening our relationship with Path Solutions in order to meet the changing requirements in banking practices”.
Jacob Zachariah Karuvelil, Executive Vice President Global Professional Services & Global Support at Path Solutions emphasized the advanced project management and implementation methodologies applied by the dedicated project team, allowing Path Solutions to succeed in empowering Amãna Bank’s treasury and asset management operations within a very challenging timeframe of about three weeks.
Path Solutions provides a unique blend of proven expertise with advanced technologies, allowing its clients to achieve significant operational efficiencies, maintain a competitive edge and build on their leadership position.