IIB has signed software license and implementation agreements with Path Solutions and plans to start the implementation by September 15th 2008. It is adopting iMAL, the system of choice for numerous leading financial institutions, for their entire banking operations.
Commenting on the signing, Said Itani, Head of IT at IIB said: âThe Board required us to acquire the Sharia-compliant banking solution in the market that most closely matches IIBâs requirements. The selection was rigorous and aimed to fully automate all key business processes and to significantly enhance management information, thereby further increasing our competitive edgeâ. He added: âWe are confident that with the implementation of iMAL and the support of Path Solutions, IIB will be able to improve operational efficiency, asset management, risk management and client serviceâ.
Path Solutions has a proven-track record in the implementation of Islamic banking software. The company is consolidating its dominant position in the Gulf region and beyond. With a footprint across 4 continents, Path has been acknowledged on different occasions through winning a series of awards for its continuous contribution to Islamic finance in IT.
Nazzem Yaghmour, Path Solutionsâ EVP Business Development, said: âOperating with state-of-the-art IT system is at the forefront of IIBâs business strategyâ. He added: â'We look forward to a productive partnership with a prestigious institution like IIB, which will further enhance our profile in the region as the leader in Islamic banking solutions. With iMAL, IIB can rest assured that our best-in-class Sharia-compliant banking system will deliver an outstanding return on investment.â