Financial Investment Bank (“FIBA”) is pleased to announce the successful deployment of iMAL Islamic core banking system developed by Kuwait-based Path Solutions.
Founded in October 1997, the first bank in Sudan specialized in dealing in all types of financial products with the public and private institutions and companies through capital markets mechanisms, had continually sought to improve its technology systems to cater to the needs of the local community. FIBA had multiple systems working in parallel over the past few years. Operating multiple systems requested significant efforts from the bank employees who deemed considering the use of a unified system a necessity.
Following an exhaustive evaluation of the leading core banking systems in the market, FIBA chose iMAL Islamic core banking system and signed the contract with Path Solutions in June 2013. The bank then opted for the consultancy firm Khotawat Consultancy to assist in the project management services. During the seven months’ implementation period, the project partners FIBA, Path Solutions and Khotawat Consultancy exerted great efforts to overcome all obstacles which led to the successful implementation of iMAL.
“The implementation experience has been very challenging, but we believe it is also one of the fastest implementation projects of this complexity anywhere in the region”, commented Dr. Taha Eltayeb Ahmed Alimam, FIBA General Manager. And he continued, “We are thankful to our employees as well as our partners Path Solutions and Khotawat Consultancy for their high level of professionalism and team spirit which contributed to achieving this milestone. We are also thankful to our customers and wish to convey to the entire Sudanese community the good news of the significant improvements in operational efficiency and customer service following the implementation of the new Sharia-compliant core banking system iMAL”.
Alain Abou Khalil, SVP Product Strategy & Professional Services at Path Solutions said, “Going live with iMAL at FIBA adds to our growing list of successful implementations in Sudan. The hard work, dedication and exceptional teamwork shown by both teams have resulted in a mutually rewarding and very successful project.”