so a thorough analysis was carried out.
Meethaq acknowledged that a specialised Islamic banking system was the most appropriate route to take, and so a tender was issued. A shortlist was drawn up, featuring the incumbent Temenos with T24, ITS with Ethix, Silverlake with SIBS and Path Solutions with iMAL. One factor weighing in Path Solutions’ favour was the way in which the vendor incorporated past client requirements into the system, so that new takers could utilise them, said Nadeem Aslam. iMAL was taken in to cover Islamic retail and corporate banking, customer finance, SME, treasury and asset management. In March, 2015, Sudanese Egyptian Bank (SEB) has gone live with new core banking system iMAL, by Path Solutions. The system supports SEB’s Shari’ah-compliant retail banking operations across its seven branches. iMAL replaced a legacy solution that was supplied on an outsourced basis. Even though extracting and migrating the data from the legacy core system was cited as a major challenge by Path Solutions, the conversion was completed within 7 months. Path Solutions had a poor 2014. It brought in four new wins this year, in UAE, Saudi Arabia, Gambia and Sudan. This was six fewer than in 2013. As for Path Solutions, the fact that it focuses purely on Shari’ah-compliant banking means it is always a good benchmark. Overall, it looked a depressed year in the Islamic banking sector. Some of the emerging countries that might have been expected to produce selections were quieter because of economic and/or political unrest. Meethaq, Oman-based Bank Muscat’s Islamic banking arm, was upgrading its core banking system iMAL, in April 2015. The iMAL project was initiated by Bank Muscat in 2013, as the bank was spinning Meethaq off into a standalone subsidiary. Path Solutions beat off competition from rivals ITS, Temenos and Silverlake. The system covers Islamic retail and corporate banking, customer finance, SME, treasury and asset management at Meethaq. Path Solutions announced that Kenya-based National Bank’s Islamic banking window called National Amanah successfully went live in April 2015 with iMAL Islamic core banking system. National Bank considered the project duration their best ever in comparison to previous core banking system implementations. The bank is currently using the Branch Automation module, the Retail and Corporate Islamic Financing applications, the Islamic Profit Calculation, the Electronic Checque Clearing system with interfaces to ATM/POS. Pakistan’s Summit Bank is to implement Path Solutions’ iMAL
core banking system in its head office and 192 branches across the country. iMAL will replace the bank’s legacy system hPLUS
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from BiLOGiC Systems. Arab Gambian Islamic Bank (AGIB) has gone live on the latest version (R14) of Path Solutions’ core banking platform iMAL. The bank signed for the system in December 2014 and is the first bank in the country to use iMAL. The system supports Shari’ah- compliant retail and corporate Islamic financing, trade finance, Islamic treasury operations, branch automation, and SWIFT and RTGS interfaces. In June 2016, Path Solutions announced the successful upgrade of iMAL R14 core banking system at Gulf African Bank (GAB) in Kenya. In July 2016, Path Solutions announced that Bank of Khartoum International (“BOKI”) first overseas branch office in Bahrain had successfully completed the implementation of iMAL across all its operations. In November 2016, Path Solutions developed a fully automated Straight Through Processing (STP) system at Kuwait Finance House (KFH) treasury department, making it the first Islamic bank in the GCC to deploy such system. The solution was developed in collaboration with Thomson Reuters. Additionally in the same month, Path
Solutions
upgraded the iMAL*ProfitCalculationSystem at BankIslami Pakistan with the Java version 14. The upgrade was made essential for the bank, due to its merger in 2015 with KASB Bank, resulting in the migration of 100 of KASB’s branches to the iMAL system. Path Solutions has recently expanded its reach into new geographies with wins in Suriname (Central America) and Tunisia (North Africa). Mobilink Microfinance Bank in Pakistan has onboarded iMAL Islamic core banking solution from Path Solutions. They have won 3 new accounts in Morocco, including Bank Assafa, the new Islamic banking unit of Attijariwafa Bank, Al Baraka Bank and Credit du Maroc. They have also done well in Sudan enlisting two new clients Sudan Financial Services Company and Faisal Islamic Bank, and extended their deal with Bank of Khartoum to UAE region. Path Solutions announced that Wifak Bank, based in Tunisia, selected iMAL Islamic Banking and Investment System from among 5 shortlisted systems following a comprehensive assessment and technical and financial evaluations of the bid. The company has indicated that the system went live in May 2017.
Suriname based Trustbank Amanah tapped up iMAL Islamic Banking system to give Path Solutions its first major core banking deal in the Americas. Trustbank had shortlisted three vendors - Path Solutions, Temenos and Oracle who gave a
Islamic Report
www.ibsintelligence.com
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