Bank Muscat Meethaq upgrades Islamic core banking system

27 August 2015

Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, as part of continuous endeavour to provide world class services through the latest technology and innovation, has upgraded its core banking system, resulting in a host of cutting edge and first-of-its-kind Islamic banking services covering ATM/CDM, debit card and mobile banking for Meethaq customers. Meethaq now functions with the new iMAL Islamic core banking system.

Sulaiman Al Harthy, Group General Manager - Islamic Banking, said: “Meethaq is delighted to successfully implement the upgrade to a state-of-the-art Islamic core banking solution incorporating the latest technology to meet the bank’s requirements of Sharia compliance, cost-optimisation, improving profitability and serving customers faster and efficiently. With this upgrade, the bank is able to fulfil numerous new business requirements and customer demands”.

Al Harthy added: “The upgrade stems from Meethaq’s commitment and focus to take the lead role in offering a suite of Sharia based banking products and services. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry.

The Meethaq strategy is to attract customers through innovative Sharia-based products and services. We thank our customers for their co-operation during the upgrade”.

Mohammed Kateeb, Group Chairman & CEO of Path Solutions, said: “It is exciting to see the results of the partnership between Bank Muscat and Path Solutions, bringing the bank’s Meethaq Islamic operations to a successful upgrade to iMAL core banking. The partnership with the flagship financial services provider and the pioneer of Islamic banking in Oman endorses the leadership position of Path Solutions as the number one provider of Islamic banking IT solutions. I congratulate both organisations on this amazing success”.

iMAL is a Sharia-compliant core banking system certified by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). It is an integrated, modular Islamic banking suite with full functionality, including retail, corporate, investment, trade finance, and treasury modules. It supports multi-company and multi-bank environments and is truly global in scope, incorporating both multi-currency and multi-lingual capabilities. In addition, iMAL contains robust risk management and security features that provide a flexible, user-friendly interface while allowing Islamic banks to have complete control over their financial systems.

 

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