Gulf Finance House has appointed Kuwait-based vendor of integrated Islamic banking software, Path Solutions, as its new technology partner.
The partnership contract was signed by Dr Fuad Al Omar, Chairman of GFH, and Ahmed Al Sager, Chairman of Path Solutions, at the GFH headquarters in Manama yesterday.
Announcing the decision to install Path Solutions' iMal - an integrated banking software solution increasingly used by leading Islamic banking institutions throughout the Middle East - GFH's CEO Esam Janahi said: "Technology is now a key driver of growth in businesses across the world. The decision to partner with Path Solutions comes at a time when GFH is actively accelerating its expansion plans, within Bahrain, as well as across the region and in key global markets. We believe that Path Solutions' iMal will enhance our ability to serve our clients and help us improve and streamline our operations," he added.
Janahi said that before selecting iMal system, Gulf Finance House went through an extensive process and evaluated a number of software solutions available in the market.
"Our final selection of iMal for our technology platform was specifically based on the fact that it offers an unmatched integration of core banking features, with strong Islamic banking functionality, which will help us in maintaining edge in an increasingly competitive market-place, while driving our long-term growth strategy of becoming a truly global institution."
Peter Panayiotou, Chief Operating Officer of Gulf Finance House said: "Path Solutions has demonstrated an in-depth understanding of Islamic investment banking, and this is reflected in the functionality of the system. We found that the iMal solution was the core banking system best suited to meet our Islamic functionality and operational requirements."
Naji Moukadam, Executive Vice President (Development), Path Solutions, said: "We consider joining hands with a leading institution like Gulf Finance House in a technology partnership as a major milestone in our strategic growth in the Middle East.
"It also reinforces the importance that Gulf Finance House places on serving the specialised needs of the Islamic banking and finance sector."
"iMal will allow Gulf Finance House to reduce costs and improve efficiency and use human capital in a much more productive way without compromising on quality and business results. Further the implementation process will be structured, seamless and will have a minimum effect on the day-to-day operations of the bank," he said.
Â© Bahrain Tribune 2004
Article originally published by Bahrain Tribune 05-Aug-04