Broader Ambitions


Path Solutions clearly had its eye on more of this international expansion. With 14 new wins in 2007 alone, IBS’s annual Sales League Table ranked iMAL the top selling Islamic banking solution. Another signing for this year came in Pakistan, when BankIslami opted for iMAL to cover its Islamic financing and investment operations, Islamic treasury and ALM. The solution was deployed across the 19-branch operation, with the bank talking about plans for a network of 100+ branches. In the second half of the year, Gatehouse Capital was added to the UK list (Path beats Temenos, I-flex and Infrasoft), with other signings around this time being Abu Dhabi National Investment Finance and National Bank of Abu Dhabi, the latter for Sudan. Another Syrian taker has been Syrian International Islamic Bank (SIIB), which took the complete package, while National Bank of Kuwait opted for Islamic investment and fund management modules.


Reflecting its continued ambitions, in September 2007, Path was a sponsor of the International Islamic Finance Forum in Zurich, and the Conference on Islamic Finance in North America. It also took part in the UK-based Institute of Islamic Banking and Insurance’s workshop on Islamic Finance at Clare


Performance 2009-2012


This win was shortly followed by success at First East Export Bank, also in Malaysia. This project would include conversion of the bank’s business in Labuan as a federal territory for FEE Bank, another new location for Path Solutions. Later in 2009, a first customer in Hong Kong signed also. This was Amwal Credit Union, a Shari’ah-compliant start-up co-operative. And a first customer in Iraq, Cihan Bank in Kurdistan, was also signed. North Africa was also much on its radar, with a win in Libya (Wahda Bank), and two in Sudan (Bank of Khartoum and United Capital Bank).


The wins in Malaysia, Labuan, Hong Kong and North Africa reflected Path Solutions’ efforts to diversify away from the


193


College, University of Cambridge. Path Solutions has continued to broaden its suite. For instance, a multi-platform e-trading solution was added in 2007. This was successfully installed at Kuwait Finance House in Kuwait. On the back of this, the bank then announced it was launching its KFH Trade service for trading the stocks of Kuwaiti companies listed on the Kuwait Stock Exchange. The service was launched in cooperation with Al-Muthanna Investment Company, via online and phone services. The scope of the service was expected later to include Gulf and global markets. There was little let up in sales in 2008 (eleven wins in the IBS Sales League Table) and into 2009. A stand-out deal was at Bank Muamalat Malaysia. The bank signed for all modules of iMAL in late February 2009 for its 53 branches. The agreement followed a selection of about two years and involved as many as ten vendors. These included Fiserv, Silverlake, SAP, Microlink and I-flex (now Oracle FSS). Path Solutions has had a support office in Malaysia since September 2007, which helped the process. As a reference, RHB Islamic Bank was visited by Bank Muamalat. The project was expected to take 17 months. It included hardware and software, as well as the bank’s data centres and disaster recovery sites, plus subsequent managed services encompassing both applications and infrastructure for a period of ten years.


Middle East – a region where new wins in 2010 seemed thin on the ground. Another part of this was the recruiting of a partner in France. This was Hiram Finance, which from 2009 would offer iMAL to Islamic start-ups and existing conventional institutions looking to convert to Islamic business practices; Path Solutions would offer its IT expertise and implementation services. The focus of the partnership would be French- speaking countries plus the rest of Western Europe. Path Solutions also acquired an Egyptian firm, INC Egypt, in 2010, which developed investment software for SMEs, as part of its plans for African expansion. In 2010, Path Solutions gained two more Iraqi signings, namely International Development Bank of Iraq and Kurdistan International Bank. It also continued to move away from its


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