Path Solutions, a leading software solutions firm announced today that Banque Islamique du Senegal (“BIS”), the first Islamic bank in West Africa and a member of the Tamweel Africa Holding, has gone live successfully with iMAL Islamic banking system in a record time of 8 months.
Established back in 1983, BIS has undergone changes over the past two years following the implementation of the Channel Strategy of ICD (a member of the IDB Group) that aims at promoting Islamic finance. Accordingly, a holding company was created for this purpose, Tamweel Africa Holding with 60% of capital held by the ICD and 40% by Bank Asya, bringing together all Islamic banks in the sub-region i.e. Senegal, Mauritania, Niger, Guinea.
The implementation of iMAL at BIS was achieved following a tough implementation schedule that covered the complete core banking solution, data migration and some complex system integrations in addition to the following areas: Accounting & Financial Control, Branch Automation, Credit and Facility Management, Islamic Financing, Trade Finance Operations, SWIFT Transfers, Internet Banking and interfacing with the Central Bank.
“The success of BIS implementation project will once again reinforce the strong partnership we have with Tamweel Africa Holding. For us, the relationship of trust is based above all on respecting our commitments to deliver ground-breaking technologies with comprehensive capabilities, backed by a dedication to client support”, declared Alain Abou Khalil, SVP Professional Services, Path Solutions. And he added, “The project management team has exercised very strict project management practices and was able to respond swiftly to project changes”.
“We are extremely proud of that success. Path Solutions has demonstrated broad sector knowledge capture and transfer, and agile project management that differentiate it from its competition” said Babacar Ndoye, General Manager of BIS. “I would like to thank the management and all staffs of BIS and Path Solutions for their efforts, dedication and determination from the project kickoff session up to now. I hope this support will continue to implement truly new solutions across our banks for the delivery of most innovative Islamic financing products”.
BIS has a network of 17 branches nationwide and is looking to extend its network to achieve a better geographical coverage. With BIS live, Path Solutions is adding a second Islamic user operational on iMAL in West Arica after the successful go live of Banque Islamique de Mauritanie.