Path Solutions, the world’s number one Islamic banking software provider, today announced that Kurdistan International Bank for Investment & Development (KIB), the leading bank in the Kurdistan region and one of the most successful Islamic private banks in Iraq has started its operations using Path Solutions’ iMAL as its core banking solution after two months of successful parallel run replacing the bank’s legacy system.
Path Solutions’ iMAL will enable KIB to improve the efficiency of its operations and excel in an increasingly competitive marketplace. The implementation of iMAL covered the following areas in line with the bank’s current and future needs; Branch Automation, Trade Finance, Islamic Financing, Fixed Assets, Treasury, Profit Calculation, Personal & Payroll and SWIFT messaging.
The choice of Path Solutions’ iMAL has been made after a detailed evaluation and analysis process carried out by KIB for its new Islamic core banking solution, inviting several IT suppliers to take part in the tender. In the evaluation of different bids, only iMAL solution passed the test successfully both on the functional and technical aspects.
Sheikh Salar Mustafa Hakim, Chairman of KIB said, “We are delighted to be working with Path Solutions to help the bank realize its goals and tap new opportunities. We were impressed by Path Solutions’ commitment to Islamic banking standards and how the solution matched our development plans in becoming one of Kurdistan most modern and service-oriented banks”.
He further said, “With the support of Path Solutions’ management, their team’s recognized and trusted professional expertise and the richness of the system in terms of functionality and scalability, I believe we can achieve this.”
Commenting on the implementation process, Alain Abou Khalil, SVP Global Professional Services at Path Solutions said, “There have been challenges along the road that made the project running very slow and kept it on hold for some time. However, our persistence and determination in achieving it and the total commitment and dedication of KIB staff and management have led to an outstanding success”.
KIB makes distinguished contributions towards the reconstruction and development process in Kurdistan in particular and Iraq as a whole, following the motto: ‘Continuous Progress, Transparency, Trust, Security, Reputation, and Creativity’.