Bank Sohar, Oman’s most youthful and dynamic banking institution and Path Solutions, a global provider of software solutions to the Islamic financial services industry yesterday announced that they have inked pact at a signing ceremony in Muscat, Oman. As per the deal, Path Solutions’ pioneering Islamic banking system iMAL will be implemented at Bank Sohar to assist the bank extend Islamic banking services.
Bank Sohar selected Path Solutions after evaluating several software solutions providers. Bank Sohar has become the fourth bank in the Sultanate of Oman to adopt Path Solutions’ iMAL system reaffirming Path Solutions’ position as a leading banking and financial software powerhouse in the region.
Speaking on the occasion, Dr. Mohamed Abdulaziz Kalmoor, CEO of Bank Sohar said that innovation is imperative in this era of globalization and added, “We were impressed with Path Solutions’ willingness to meet our needs in providing end-to-end AAOIFI-certified Islamic banking solution. iMAL is a flexible and scalable banking platform that will drive new business models around Sharia principles, which will in turn increase the volume of our business, thus helping Bank Sohar achieve and maintain competitive edge”.
Recently Bank Sohar partnered with Dar al Sharia, a reputed Sharia consultancy firm, to make sure that there is no compromise in the development of products, processes and systems and to also make sure that the staff is trained by experts from the region.
Bank Sohar has identified three areas of utmost importance for ensuring that its Islamic window is a solution that respects the basic tenets of Islam, the sensibilities of Omanis and is within the guidelines of the Central Bank of Oman. These include proper training and development of staff to deliver Islamic products, a proper and certified Islamic banking system and products that have a proper grounding in Sharia and are backed up by relevant Fatwa from respected scholars.
Mujahid Said al Zadjali, AGM and Head of IT, Bank Sohar said, “The bank leverages IT to make the customer's experience more convenient, effective and efficient through services such as ‘Anytime, Anywhere Banking’ through a range of Delivery Channels, such as Branches, ATMs, e-Banking and SMS, and across Payment and Settlement systems and it is our endevour to implement Islamic banking solution smoothly within a given time frame”.
Mohammed Kateeb, Group Chairman & CEO, Path Solutions commented, “We consider this opportunity to work with Bank Sohar an endorsement of Path Solutions’ leadership positioning in the Islamic banking sector. Bank Sohar will seek to service a market niche in Oman that has only been lightly tapped by local financial institutions, becoming a major participant in the market for Sharia-compliant Islamic securities, treasury and investment products. We look forward to working with Bank Sohar for the successful completion of this project”.
Path Solutions’ customer base spans across 28 countries. The company has a strong presence in the Middle East, Africa, Asia Pacific and England. Path Solutions’ other customers in the Sultanate of Oman include Bank Nizwa, Bank Dhofar and Ahli Bank Oman.