Bank Al Muamelat Assahiha (“BMS”), one of Mauritania’s most recently-established Islamic banks, has chosen Path Solutions’ Enterprise Islamic Banking System - iMAL to support the launch of its Islamic banking operations across four initial branches.
BMS, which has its headquarters in Nouakchott, has selected Path Solutions’ iMAL package as its preferred Islamic Core banking solution following an intensive bidding process among three shortlisted contenders. The contract went to Path Solutions because of its established track record in delivering solutions with the highest international standards along with guaranteed compliance.
The agreement was signed during WIBC Bahrain, by Abdallah Ahmed El Mokhtar, GM of BMS, and Mohammed Kateeb, Group Chairman & CEO of Path Solutions. As per the agreement, Path Solutions will provide iMAL Core banking system which will cover Retail and Corporate Banking activities including Branch Automation, Delivery Channels, Islamic Profit Calculation & Pools Management, Credit & Collateral Management, Islamic Treasury, Islamic Finance & Trade Finance and Central Bank Reporting.
Abdallah Ahmed El Mokhtar commented that “Our selection of iMAL goes beyond Core banking solution. We are a very ambitious start-up bank poised to fulfill the financial needs of the Mauritanian community; becoming the most accessible bank in Mauritania. As we have found out, Path Solutions is the right partner for us to provide a technology roadmap which will assist our bank meet its growth objectives. In addition to its renowned AAOIFI certification, Path Solutions has demonstrated a sound understanding of the Islamic banking processes and products and a commitment to ethical business practices which will be instrumental while implementing BMS’s requirements and abiding by the laws of the local regulatory and supervisory authorities”.
Over the last couple of years, Path Solutions was able to sustain growth momentum in Africa despite economic volatility worldwide as well as intensive competition in the industry. The impressive sales results are mainly driven by the company’s enhanced brand building efforts and a clearly defined business strategy for geographic expansion into new and high potential markets.
“Being chosen as BMS’s long-term technology partner is an exciting opportunity for us. As a forward-looking bank, it has selectively chosen technology as a tool to provide the level of value that the bank needs with a focus on performance and compliance”, said Mohammed Kateeb. “The event is historic because this is the 3rd Islamic bank in Mauritania to go for iMAL solution. The capabilities we have and level of knowledge of our team continues to be one of our most important strengths and the reason why we are such a successful company”, Kateeb affirmed.
Commenting on the performance of Path Solutions, Kateeb stated in an interview with a local magazine, “We continued to perform well and sustained growth momentum in 2012. By boosting the awareness of our Islamic banking software solutions, Path Solutions continued to achieve measurable progress in expanding in the African continent, as well as deepening our penetration into high potential emerging markets such as Mauritania, Sudan and Nigeria. We have successfully grasped market opportunities arising from the growing demand for Sharia-compliant software solutions. While most IT vendors are struggling to secure deals, we’re actually gaining more market share than any other firm with increased sales activity and a very strong pipeline going into the first quarter of 2013”.
Since its expansion in the African continent, Path Solutions has solidified its position working alongside progressive Islamic banks to provide cutting-edge software solutions and services to support complex business needs. By winning BMS’s contract, Path Solutions is further strengthening its client portfolio which includes two other Islamic banks in Mauritania, optimizing its global experience with local industry knowledge to maintain its leadership position within the global Islamic financial services sector.