Path Solutions, the global provider of Islamic banking software, today announces that Banque Populaire de Mauritanie (“BPM”) has selected Path Solutions’ next generation iMAL as its Islamic Core Banking Solution to compete both functionally and technically on the national and international level.
The Banque Populaire de Mauritanie is 100 percent owned by Groupe Mauritanie Leasing, one of Mauritania’s largest financial services groups. After it had met all necessary conditions and requirements, the Group has received approval from the Central Bank of Mauritania to open the second Islamic bank in the country.
“We want to diversify our activities and conduct banking operations in conformity with Islamic law, a fairer way to bank. We are committed to provide a genuine alternative to conventional banks, to do away with disparity and build socio-economic infrastructure in Mauritania”, commented Limam Ould Ebnou, AGM of Groupe Mauritanie Leasing. “The newly established bank will service the specific credit needs of small and medium enterprises (SMEs) as well as private customers”, Mr. Ebnou said.
After lengthy and thorough bid evaluation processes, the executive team at the Group completed their evaluation of the shortlisted international vendors that included Temenos, Oracle FSS, Delta Informatique and SAB and selected Path Solutions’ iMAL as the best solution that could provide them with guaranteed compliance with AAOIFI standards, and with the level of automation and Straight-Through-Processing (STP) they required.
Mohammed Kateeb, Path Solutions’ Group Chairman & CEO commented, “We are confident that iMAL is the most comprehensive Sharia-compliant banking solution available in the market that could satisfy BPM’s needs. BPM used a consultancy firm to do the evaluation process and our final ranking prior to the decision being made was much higher than our second challenger. Path Solutions was able to offer a proven, functionally rich and highly scalable solution that would allow BPM to meet its growth objectives”.
The economy in Mauritania has grown significantly since 2010 and this is set to continue until 2013, mainly due to investments in mining, government capital spending and a buoyant manufacturing sector. Furthermore, recently-found oil reserves led Mauritania’s economic expansion. The financial sector in Mauritania comprises the Central Bank of Mauritania (BCM), ten commercial banks; eight insurance firms; two financial institutions specialized in agriculture and fisheries; 67 microfinance institutions and 2 Islamic banks authorized at the present time; as well as a leasing company. Mauritania’s banking sector dominates the financial system, with 88% of the sector’s assets held by commercial banks. At the same time, bank loans and deposits represent less than 20% of GDP.