Kuwait-based Path Solutions today announces that Arab Gambian Islamic Bank Ltd. (“AGIB”) has gone live successfully with its new core banking platform – iMAL R14 on November 9.
Path Solutions is the leading Islamic core banking solution provider for more than two decades, with a proven track record of over 100 clients worldwide. iMAL is the only Sharia-compliant solution available in the market, providing real-time 24/7 non-stop banking. iMAL covers corporate, retail and wholesale banking functions, offering an integrated platform ranging from assets, liabilities and risk management to multiple delivery channels for branchless banking, on which Islamic banks can grow their operations and thrive.
Speaking on the occasion, Muhammed Jah, Chairman of AGIB said: “2015 is a watershed in the life of our bank. For the first time in AGIB’s 17 years of existence, we can now walk tall as a bank with ultra-modern banking technology. This is the beginning of an exciting journey, and I know without a shadow of a doubt that we will unlock the full value of this powerful platform and leverage this achievement to actualize the bank’s objectives, thus making AGIB the ‘bank of choice’ not only for the Muslim Uma’ah, but for the community as a whole”.
Jah noted that iMAL is a truly world-class Islamic software system that will bring AGIB tangible benefits in the way they run their business; for it will allow them to bring new Islamic banking products to market more rapidly.
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AGIB successfully implemented the latest version of iMAL, in six months. The implementation covered the following business areas:
- Branch Automation
- Islamic Profit Calculation and Distribution
- Retail and Corporate Islamic Financing
- Trade Financing
- Islamic Treasury Operations
- Central Bank Reporting and Credit Bureau
- Swift and RTGS Interfaces
- Clearing Interface
- Data Migration from a legacy system.
“Today, core system replacement is one of the top priorities of forward-thinking Islamic banks worldwide, because of the inadequacy of legacy systems to guarantee Sharia compliance and to provide a platform for growth and expansion plans”, stated Jacob Zachariah Karuvelil, Executive Vice President – Global Professional Services & Global Support at Path Solutions. “AGIB is the first bank in Gambia to go live with the ground-breaking iMAL R14 version. We are delighted that AGIB is taking full advantage of this revolutionary web-based cloud-ready technology. This is yet another project where teamwork resulted in mutual success, exemplifying our commitment to cultivating a sustainable relationship with our clients that is built on trust, integrity and confidence”.
The new iMAL R14 is a massively scalable Straight-Through-Processing (STP) solution. This re-architected version will give AGIB the flexibility to change its business processes quickly, to respond to market demands more effectively and to scale the business at the pace it requires.