âIt is a great leap forward for both of usâ, said Path Solutionsâ President, Naji Moukadam. âFinancial institutions are increasingly facing the challenge of meeting rapidly changing market requirements, and the need to replace their systems with a next-generation solution that provides business agility. iMAL can support large numbers of users with true non-stop resilience. It provides the answer to this pressing needâ, he affirmed.
Path Solutions will deploy iMAL impressive suite of software applications which includes Islamic Financing and Investment operations, Islamic Treasury and powerful ALM monitoring across BankIslamiâs entire network. This deployment is a key milestone for both the participants of this project.
âOur major concern was to upgrade the existing system and boost the efficiency of our bankâ, explained Hasan A. Bilgrami, President and CEO, BankIslami. âWe are increasing our competence to have our Islamic banking products restructured for future growth and in pursuing this objective we sought a partner that has a successful track record in providing and implementing Shariah based banking software which will integrate with no trouble with our existing system. Partnership with Path Solutions provides us benefits that would help us achieve our goals of growth and profitabilityâ, Mr. Bilgrami added.
Path Solutionsâ iMAL technology is kindling keen interest among the region's most prominent banks and financial institutions. iMAL is a high-performance, high-speed, high-bandwidth, point-to-point solution. It provides a flexible, scalable modular architecture for all applications.
âWe are eagerly awaiting the implementation of iMAL as an overhaul system, since it will help us extend our operational effectivenessâ, said Asad Alim, Head of Information System at BankIslami.
As reported by Rosie Kmeid, Path Solutionsâ Head of Corporate Communications & Marketing, this partnership supports one of the most important transformational IT projects for BankIslami. It also represents one of the largest core banking transformation engagements for Path Solutions in the region.