MANAMA: Gulf Finance House B.S.C. -- a leading Bahrain based Islamic investment bank - announced that it has appointed leading Kuwait based vendor of integrated Islamic banking software, Path Solutions, as its new technology partner.
The technology partnership contract was signed by Dr Fuad Al-Omar, Chairman, GFH, and Ahmed Al-Sager, Chairman, Path Solutions at the GFH corporate headquarters in Manama, Bahrain in the presence of senior officials from the bank as well as the technology company.
Announcing the decision to install Path Solutions' iMal, its industry-leading integrated banking software solution increasingly used by leading Islamic banking institutions throughout the Middle East, Esam Janahi, Chief Executive Officer (CEO), GFH 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 the Kingdom of 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 will also help us to improve and streamline our operations," he added. Janahi further said that before selecting Path Solutions' iMal system, GFH went through an extensive process of due diligence 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 our edge in an increasingly competitive market-place, while driving our long-term growth strategy of becoming a truly global institution."
Commenting on the operational benefits that the implementation will bring to GFH, Peter Panayiotou, Chief Operating Officer (COO), GFH 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 Path iMal solution was the core banking system best suited to meet our Islamic functionality and operational requirements." Panayiotou further said that the agreement between GFH and Path Solutions covers professional on-site implementation - which has already commenced at the GFH corporate headquarters in Bahrain - as well as staff training and software maintenance and ongoing support. Naji Moukadam, Executive Vice-president (Development), Path Solutions, said: "We consider joining hands with a leading institution like GFH in a technology partnership as a major milestone in our strategic growth in the Middle East. It also reinforces the importance that GFH places on serving the specialised needs of the Islamic banking & finance sector. We consider the live implementation of our iMal software suite a great achievement that will assist us in growing our presence in the region." "iMal will allow GFH 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 concluded.
Â© Kuwait Times 2004