The company selected as strategic technology partner of Trustbank Suriname
Suriname-based Trustbank is taking a big leap after signing a new licensing deal with Islamic software vendor Path Solutions to implement iMAL Islamic Banking & Investment System as its new core banking platform. This is a major breakthrough for the Kuwaiti vendor, as it’s the company’s first Islamic core banking software deal in the Americas. Path Solutions was selected after a comprehensive assessment of leading global solution providers by a senior management team from different business functions at Trustbank.
Three IT vendors were shortlisted and invited to demo their solutions over the course of two weeks. They were Oracle FS, Temenos and Path Solutions which ultimately won the deal based on Sharia compliance, product functionality and technological superiority.
“This is a significant core banking system deal and a key win for Path Solutions in this new region”, commented Mohammed Kateeb, Path Solutions’ Group Chairman & CEO. “Trustbank was one of the most sought-after deals by all vendors because of the importance of this new market. Our Sharia-based core banking system combined with comprehensive services we offer provide a truly differentiating proposition for the first Islamic bank in South America to empower it to achieve growth and gain market share”. Kateeb continued, “We’ve been having tremendous success across the world”, confirming that Path Solutions remains the absolute world leader in Sharia-based software solutions and services. “Being the first full-fledged Islamic bank in South America, Trustbank is committed to applying true Sharia-based technology to meet the needs of a diverse client base. Working with Path Solutions will help the bank to achieve these goals”, he said.
The new Islamic core banking system will be implemented across Trustbank four branches in Suriname, Path Solutions said in a statement. The implementation of the new system is expected to start immediately and to be completed at the end of September 2017.
“We have announced the conversion of Trustbank to a full-fledged Islamic bank in 2016, and that involves the deployment of a new core banking platform in line with the Sharia guidelines. This project with Path Solutions is key to our strategy and future growth, as it will allow us to launch new Islamic banking products and services to meet the needs of our customers”, said Maureen Badjoeri, Chief Executive Officer of Trustbank. “The new Islamic core banking system is also expected to drive innovation, improve customer service through increased automation, harness the value of the data through analytics and reduce operating costs”, Badjoeri concluded.
The company that has beaten competition to major core banking system deal in Suriname, Path Solutions, was also chosen for its leadership position in the Islamic banking software market, including a well-established client base with a global reach and support network.
Path Solutions, the global Islamic banking software company, was founded in 1992 in Kuwait. The company serves the Islamic financial services industry with cutting-edge software solutions, combining in-depth industry know-how with technological expertise.
According to IBS Intelligence, a universally acknowledged barometer for Islamic core banking systems sales activity, Path Solutions retains its position as First Islamic Core Banking System Provider Worldwide for the seventh year running. Forrester acknowledged that Path Solutions has a strong geographic focus on Africa and the Middle East with a global go-to-market approach, while Gartner has profiled Path Solutions in 2016 by being the only Sharia-compliant company with the largest Islamic CBS installation base, having delivered its solution across the largest number of countries, making it most adaptable to addressing country-specific compliance requirements.
Path Solutions is the winner of the ‘Technology Innovator Award 2016’ by Corporate Vision, and named ‘International Core Banking System Provider of the Year - Islamic Finance’ for the third consecutive year at the ACQ5 Global Awards 2016.
Path Solutions is a proven industry leader, a key technology enabler and a business partner for over 100 prestigious Islamic financial institutions worldwide. With 25 years of solid experience in Islamic financial technologies, Path Solutions is a major contributor to the development and growth of modern Islamic finance, by researching industry new trends and developing innovative solutions to meet the needs of a fast-growing community.
In September 2016, Suriname’s Trustbank received approval in principle from the Central Bank of Suriname for the conversion of its operations to Islamic banking, with the aim to expand financing to small & medium enterprises and to connect the Caribbean & Latin American region with OIC member countries. The bank is being advised by the Jeddah-based Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank (IDB).
Trustbank is also in discussion with ICD to take a strategic stake in the bank following the transition, to become the first full-fledged Islamic bank in South America. Trustbank is a dynamic financial institution with expertise in areas such as savings, loans, investments and asset management.
Suriname, perched on South America’s northeastern side, is the first country from the Western hemisphere to be a member of the IDB Group, joining in 1997.