BankDhofar recently named Path Solutions as its Core Banking System provider for its Islamic operations. This system, entitled iMAL, is the first certified core banking system for the bank’s Islamic banking operations. The two companies signed an agreement which will see them working together to deliver Sharia-compliant products to BankDhofar customers and allowing it to expand this area of its business.
Speaking on the signing of the agreement, Mr. Tony Mahoney, CEO, BankDhofar said “We turned to Path Solutions because of its strong reputation and proven track record in Oman, and its ability to support banks growing their businesses. BankDhofar has established itself as the leading bank for corporate and consumer banking, and we are currently focusing on increasing our competitive edge and expanding our business. We will be rolling out diversified products and services which will provide access to a new set of clients in just one place.”
Following a lengthy review process, BankDhofar selected Path Solutions from among several IT vendors offering a core banking solution. The bank was looking for a trusted partner with the knowledge and expertise in Islamic banking to enable it offer the best services to its customers. The agreement was signed by Mr. Abdul Hakeem Omar Al Ojaili, General Manager Corporate Services BankDhofar and Mr. Mohammed Kateeb, Group Chairman & CEO Path Solutions. Senior members of both companies gathered to witness the signing as well as the local media.
Commenting on the selection process, Mohammed Kateeb said, “Following a thorough and detailed selection process that included a series of successful proofs of concept and demonstrations, BankDhofar’s management was completely satisfied with Path Solutions’ capabilities to meet their aggressive plans for growth and selected iMAL, the first certified core banking system for their Islamic banking operations”. And he added, “We look forward to providing the bank with great solutions to expand its business and deliver Sharia-compliant products to its customers”.
BankDhofar is the 3rd bank in Oman to embark on Path Solutions’ best of breed iMAL. The bank joins a growing list of Islamic banks adopting iMAL system to meet the needs of a large, complex financial services sector.