Ahlibank, one of the leading commercial banks based in the Sultanate of Oman, announced that it has entered into an agreement with Path Solutions, a market leader in Islamic banking software solutions headquartered in Kuwait to deliver and implement Islamic Core banking system iMAL, for the operations of the bankâs proposed Islamic banking functions which are set to come online sometime in the end of the first quarter of 2012.
Ahlibank is the first bank in Oman to sign up for Path Solutionsâ iMAL on September 6. The system will be deployed at the bankâs headquarters in Muscat and across its proposed network of Islamic banking branches.
âWe are very pleased to forge the partnership with Ahlibankâ, said Mohammed Kateeb, Path Solutionsâ Group Chairman & CEO. âPath Solutions offers focused services from installation and implementation through to project management and help-desk. Besides, the advanced architecture of iMAL will allow Ahlibank to expand easily, to keep on innovating and quickly launching new Islamic banking products, thus guaranteeing superior customer experience. We look forward to achieving mission success for Ahlibankâ.
Ahlibank S.A.O.G., erstwhile Alliance Housing Bank, was born with its new identity on January 5, 2008, following its strategic partnership with Ahli United Bank (AUB), a leading regional commercial bank and International Finance Corporation (IFC), a member of the World Bank Group. Ahlibank has since successfully embarked upon the route of establishing itself as a full-fledged Omani commercial bank.
Following the royal decree issued in early May in Oman paving the way for the authorization of the countryâs first standalone Islamic bank and for other interested banks to set up dedicated Islamic banking windows; and the subsequent landmark circular BM 1081 issued by the Central Bank of Oman on June 15 allowing conventional banks to operate their Islamic banking business through a âwindowâ operation, Ahlibank applied for the CBO license.
âWe know there is incredible demand in the market for Sharia-compliant products. This initiative marks a dynamic move into cutting-edge technologies that Ahlibank expects to use as a platform to thrive and outperform competitionâ, commented Abdulaziz Al Balushi, CEO, Ahlibank. âWe are confident that with Path Solutionsâ knowledge of our business, proven methodology and teamwork approach, we will be able to capitalize on strong, continued growth in the sector, achieve higher returns and greater customer satisfaction, alongside cost savingâ.