More Sudanese banks to use the firm’s Islamic banking software
Path Solutions has taken a significant step into the Sudanese market by signing a strategic agreement with Sudanese Egyptian Bank (“SEB”) for the provision of cutting-edge Islamic financial software solutions and services, boosting the bank’s operational and growth capabilities and enabling it to offer new customer centric products in accordance with the Sharia.
Path Solutions announces it has been selected by Khartoum-based SEB on 19 December 2014 to replace the bank’s existing core banking system. Originally established to ease trading activities and integration between Egypt and Sudan, SEB offers banking services under Islamic banking conventions. The bank’s product portfolio include local and foreign currency deposits, cheque collection and clearance, inward and outward transfers, issuing letters of credit and letters of guarantee, issuing ATM cards, and personal safe boxes.
“As customers’ behaviors continue to change rapidly, the demand for convenient, safe and speedy access to Sharia-compliant banking services is growing fast. We focused on developing ways for empowering our banks with modern and agile technologies, to enable them to cut-out the time consuming and frustrating complexity that was typically involved, and focus on delivering world-class customer service”, Path Solutions’ Group Chairman & CEO Mohammed Kateeb commented. “We are firmly committed to consolidating and maintaining our identity as a leading Islamic banking software vendor with a proactive approach to the changing needs of our clients”, he added.
The global financial services’ market is fiercely competitive. Path Solutions faced stiff competition during the bidding and selection process. “The key to competing is to stay focused on your segment and not be tempted to deviate into areas either side of it, as you then run the risk of diluting your offering, and undermining what you have established”, Kateeb explained. “We compete on value and service; we are specialized in the development and implementation of pioneering Sharia-compliant solutions and services. They can be flexible and adaptable to meet clients’ needs in the different countries and regions”.
“Today’s highly regulated business environment demands real-time operational and financial control. High-end technology is an essential and indispensable tool at this time”, commented Abu-Obiedah Elhag, General Manager of SEB. “We have some very ambitious growth plans; hence our ultimate aim of investing in this state-of-the-art technology is to increase market share by improving the services we offer to our valued customers while providing the most competitive Sharia-compliant financial products in the market. We are delighted that Path Solutions has been selected as part of the bank’s strategy”, Elhag concluded.
Understanding better than any other IT vendor the Islamic financial sector’s technology needs, Path Solutions developed iMAL, a new generation of comprehensive enterprise and yet modular Islamic banking and investment system, designed and developed from scratch on the basis and principles of Sharia to support Islamic financial institutions in broadening their reach, achieve operational excellence while simultaneously reducing costs.