Bank of London and Middle East selects Path Solutions’ expert technologies for Sharia’a-compliant transactions

16 July, 2007

Path Solutions to provide automated regulatory reporting through iMAL, an integrated and modularized technology solution

Path Solutions, a worldwide leader in banking software and services, today announced that Bank of London & Middle East (BLME) has selected iMAL Enterprise Solutions to fulfill its Sharia’a-compliant transactions’ requirements.

iMAL is an integrated and modularized technology solution, which will provide BLME with best-of-breed, ethically-aware technologies, which offer an effective way of managing transactions.

Richard Williams, Finance Director of BLME, comments, “We look forward to working alongside an expert software provider such as Path Solutions. This partnership will enable us to adhere to principles that are at the core of our business as a wholly Sharia’a-compliant bank, while facilitating the process of meeting ever increasing regulatory compliance needs."

In addition to implementing a core banking solution, Path Solutions will also provide Islamic financing, treasury and investment modules to facilitate the correct processing of all BLME’s transactions.

Nazzem Yaghmour, EVP Business Development of Path Solutions, states, “We are delighted to be working with BLME and feel confident that we will add value through our experience in providing innovative, market leading technologies, which have proved highly successful in Sharia’a-compliant banking.“

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