Path Solutions, the global Islamic banking software group announced that Kenya-based National Bank successfully went live on April 27th 2015 with iMAL Islamic core banking system for its Islamic window named National Amanah.
The iMAL implementation was the smoothest in the history of National Bank which considered the project duration a record-breaker in comparison to previous core banking system implementations. National Bank went live with the Branch Automation module, the Retail and Corporate Islamic Financing applications, the Islamic Profit Calculation, the Electronic Check Clearing system with interfaces to ATM/POS.
Announcing this, Mr. Musa A. Adan, Director Islamic Banking at National Bank said, “Over the past few years, we have been gearing up to drive an alternative form of banking that is based on the principles of Sharia. Thus, we had no choice but to take advantage of new-age Sharia-compliant technologies which would help in launching new Islamic banking products and services with reduced time-to-market and costs. Having made this decision, we are confident that the knowledge Path Solutions has gained through numerous successful projects not only in this region but across the globe, will help us achieve our ambitious growth plans”.
According to Jacob Zachariah Karuvelil, Executive Vice President - Global Professional Services & Global Support at Path Solutions, “Africa is a very strategic market for us, and over the past two years Path Solutions’ iMAL has emerged as the preferred solution for forward-looking Islamic banks and Islamic subsidiaries across the region. I am confident that National Bank will be able to leverage the benefits of iMAL solution, launch innovative Islamic banking products and services quickly and gain business agility in its banking operations. We are optimistic that our partnership will go a long way to give National Bank derived substantial business benefits”. Jacob also thanked both partners’ project teams and management for their tireless efforts and dedication throughout the project implementation.
Path Solutions’ continued investment in innovation underscores its long-term promise and sharp focus on bringing effective Islamic banking software solutions to financial institutions worldwide. Today, more than 100 Islamic financial institutions use iMAL as their preferred technology solution in accordance with the Sharia. iMAL is well calibrated to clients’ needs in terms of Sharia compliance and transparency, and provides a very strong base for future growth.
iMAL Islamic Banking & Investment System is undoubtedly a flagship solution having topped the IBS Islamic Sales League Table for an impressive six years running.