BIM is one of the four West African banks falling under Dakar-based Tamweel Africa Group, which engaged Path Solutions, back in December 2010, in order to align their core banking systems while respecting the standards of AAOIFI (The Accounting and Auditing Organization for Islamic Financial Institutions). BIM is a startup universal bank with a paid-up capital of MRO 6,000,000,000 equivalent to USD 21,201,401. Tamweel Africa Holding, the main shareholder of BIM (99,99%) is a joint-venture between the ICD (60%), the private sector arm of the Islamic Development Bank Group and Bank Asya (40%), the leading participation bank in the Republic of Turkey.
The implementation included Retail and Corporate financing, Branch Automation, Trade Finance operations, Sukuk Management, Islamic Profit Calculation, Credit Pre-Approval and Regulatory Reporting. BIM started with their first branch in Nouakchott and are expected to expand their network rapidly with a strategy to open the second branch before end of this year, along with 3 more branches during 2012.
âWe are delighted to be strengthening our presence and opportunities in West Africaâ, commented Alain Abou Khalil, SVP Professional Services at Path Solutions. âIn fact, we are very proud to be playing an integral role in assisting Banque Islamique de Mauritanie deliver full Sharia-compliant operations while offering competitive Islamic financing products. Our AAOIFI-certified solution will definitely boost the bankâs efficiency to meet its expectations in terms of business growthâ.
According to Abou Khalil, it is the first time that Path Solutions is undergoing a single implementation that caters for four banks located in different countries. BIM implementation included common analysis and design phases for the four banks simultaneously, in addition to a common training phase.
Alioune Badiane, Head of IT at Tamweel Group, said: âPath Solutionsâ extensive commitment and professionalism allowed BIM to go live according to plan and we were able to kick off our operations in Mauritania in a short period of timeâ. Badiane added, âWe are very keen to carry on this partnership with Path Solutions to witness the opening of the Groupâs remaining affiliates in Senegal, Guinea and Nigerâ.
Path Solutions offers complete end-to-end solutions for the Islamic finance sector which enable its clients to have a âone-stop shopâ for their overall needs. The AAOIFI-certified iMAL has achieved an unprecedented success by continuing to deliver superior performance, flexibility and ease-of-use.