|KARACHI, June 21, 2007. Kuwait-based banking software solutions provider Path Solutions announced that it has signed a contract with BankIslami, a newly established full-fledged Islamic bank in Pakistan, for the implementation of a complete core banking system in its entire upcoming 100+ branch network.
‘It is a great leap forward for both of us’, said Path Solutions’ President, Naji Moukadam. ‘Financial institutions are increasingly facing the challenge of meeting rapidly changing market requirements, and the need to replace their systems with a next-generation solution that provides business agility. iMAL can support large numbers of users with true non-stop resilience. It provides the answer to this pressing need’, he affirmed.
Path Solutions will deploy iMAL impressive suite of software applications which includes Islamic Financing and Investment operations, Islamic Treasury and powerful ALM monitoring across BankIslami’s entire network. This deployment is a key milestone for both the participants of this project.
‘Our major concern was to upgrade the existing system and boost the efficiency of our bank’, explained Hasan A. Bilgrami, President and CEO, BankIslami. ‘We are increasing our competence to have our Islamic banking products restructured for future growth and in pursuing this objective we sought a partner that has a successful track record in providing and implementing Shariah based banking software which will integrate with no trouble with our existing system. Partnership with Path Solutions provides us benefits that would help us achieve our goals of growth and profitability’, Mr. Bilgrami added.
Path Solutions’ iMAL technology is kindling keen interest among the region’s most prominent banks and financial institutions. iMAL is a high-performance, high-speed, high-bandwidth, point-to-point solution. It provides a flexible, scalable modular architecture for all applications.
‘We are eagerly awaiting the implementation of iMAL as an overhaul system, since it will help us extend our operational effectiveness’, said Asad Alim, Head of Information System at BankIslami.
As reported by Rosie Kmeid, Path Solutions’ Head of Corporate Communications & Marketing, this partnership supports one of the most important transformational IT projects for BankIslami. It also represents one of the largest core banking transformation engagements for Path Solutions in the region.