IBS Journal May 2015


Azadi Tower, Tehran ©Chris Blackhead, Flickr


There was nothing equivalent in 2014. Path Solutions chairman and CEO,


Mohammed Kateeb, says: ‘Some really key markets were having tremendous trou- bles’. Libya, for instance, was a market that had a lot of deals in the pipeline but no vendor would be willing to send its staff there at present, he feels. There were a few deals for others dur- ing 2014 in some of the most turbulent countries but, of course, signing the deal and implementing the system are two different matters. Temenos had one of its three Islamic deals for T24 in Yemen, at Enjaz Capital, and another in Iraq. Inter- national Turnkey Systems (ITS) had two of its four Islamic Ethix successes in Libya, at Assaray Trade & Investment Bank and United Bank for Commerce & Investment. Shibu Mohamed, product manager, mar- keting at ITS, says that some of the ‘reluc- tant engagements of 2012-13’ material- ised in 2014, ‘as they returned to ITS after evaluating other providers in the market’. He attributes this to the vendor’s ability to


‘Lifting of sanctions on Iran could pave a new era


of Islamic banking possibilities.’ Shibu Mohamed, ITS


successfully manage the projects remote- ly during the disturbance in the troubled countries. ‘We invested in the relocated facilities, resources and environment,’ he states. As for Path, the fact that it focus-


es purely on Shari’ah-compliant banking means it is always a good benchmark. It had four new-name deals for its core sys- tem, iMAL, coming in UAE, Saudi Arabia, Sudan (despite the issues, with a win at Sudanese Egyptian Bank), and Gambia. Path had recorded ten new-name wins in


© IBS Intelligence 2015


2013 and eleven in 2012. In terms of where to look for future


growth, the answer seems to be North Africa, particularly Morocco. In November 2014, the Moroccan government adopt- ed a bill regulating Islamic finance and sukuk issues. The governor of the central bank, Bank Al-Maghrib, said recently that it had received 15 requests from foreign entities wanting to open Islamic bank- ing operations. One of these is known to be Emirates Islamic Bank, which has stat- ed its intention to enter the market via a


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ibs sales league table


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