Pakistan-listed bank today announced that it has signed a landmark deal with Path Solutions, the global core banking software and services company, to implement iMAL core banking system in the bank’s Karachi Head Office and its 192 branches across Pakistan.
Headquartered in Kuwait, Path Solutions will lead one of the major technology-based transformation projects to upgrade Summit Bank to the next-generation core banking platform, as part of the bank’s strategic focus to convert its conventional banking business to Islamic banking, to meet rising customer demand for modern banking products, and to gain a competitive edge in Pakistan’s growing banking industry. The iMAL core banking system will replace legacy system hPLUS from BiLOGiC Systems Inc.
The new core banking system from Path Solutions is expected to positively impact Summit Bank’s banking operations, as the new system uses state-of-the-art technology which will cover among others the following functionalities; CSM; Islamic profit calculation; Islamic treasury; trade finance; fixed assets; conventional deposits, conventional loans and conventional treasury; BI and risk management. It also provides an open architecture which allows for the easy interfaces with external systems, as well as easy delivery of regulatory reports; and integrates with a state-of-the-art AML solution.
“As one of the most complex core banking transformations in Pakistan, including the challenges of parallel conventional and Islamic banking operations, the selection process was extensive”, commented Syed Muhammad Anwar Lutfullah, Group Head Information Technology & Payment System at Summit Bank. “It was important for us to select a reliable technology partner offering robust core banking system that could provide a feature-rich Islamic banking experience while facilitating the conventional banking business during the transition period. Summit Bank is committed to using innovative technology to achieve faster time to market for new banking products, create a more efficient branch network, offer superior customer experience and streamline its operations. Working with Path Solutions will help the bank to achieve these goals”, he added.
Mohammed Kateeb, Path Solutions’ Group Chairman & CEO said, “We are delighted to cooperate with Summit Bank as their strategic IT partner. This win will enable us to further consolidate our leadership position in Pakistan, a key focus market for our banking technologies. Path Solutions has built a vast amount of knowledge and expertise in the banking sector. We have a 100% successful implementation track record at over 100 clients worldwide, and I believe we have proven to Summit Bank that we develop, implement and maintain the best core banking system with the help of the best business and technical engineers and consultants in the market, which will enable them to add real value to their customers and continue to be an innovator in Pakistan. We look forward to further strengthening our relationship with Summit Bank and supporting them achieve their goals”.
Summit Bank chose to deploy the award-winning iMAL core banking system after evaluating a number of other competitor offerings, including T24 from Temenos, AutoBANKER from Autosoft Dynamics, and Flexcube from Oracle FSS.
Path Solutions has over 20 years of market experience developing and implementing comprehensive, modularized and fully-integrated Sharia-compliant software solutions for the Islamic financial services industry. The company also recently signed a strategic partnership agreement with Wifak International Bank in Tunisia, outcompeting a number of rival companies in the bid.