Path Solutions, the global application software and services firm for the Islamic financial services industry, today announced that Arab Gambian Islamic Bank (“AGIB”), the only Islamic bank in Gambia, has opted for Path Solutions’ iMAL as its centralized Islamic core banking platform.
AGIB is currently using an in-house IT software system. Given the rising demand in the country for products in accordance with Islamic principles, the bank intends to quickly scale up by launching innovative Islamic banking products. When approaching the selection process, AGIB senior management looked not only at diversifying their product range but also at fulfilling key aspects of regulatory compliance requirements.
“Recognizing the emergence and development of Islamic finance throughout the world, AGIB was looking for a comprehensive Sharia-compliant solution with end-to-end functionality to address increasing demand for Islamic banking products and services in Gambia”, explained Muhammed Jah, Chairman of AGIB. “After considering several alternatives, we decided on Path Solutions’ iMAL as the most appropriate solution for meeting the needs of the burgeoning Islamic banking segment. By implementing this pioneering core banking solution, AGIB will be able to offer new and unique products in line with the Islamic law to its customers”, Jah said.
iMAL is widely recognized as the most flexible and scalable Islamic banking platform available in the market. Architected from the ground up in accordance with the Sharia principles, iMAL empowers Islamic financial institutions to transform their business leveraging technology.
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“Path Solutions offers new age Islamic banking software solutions with the ability to scale seamlessly with growing business volumes, ensuring lower total cost of ownership for Islamic financial institutions. Moreover, we take pride in having world-class industry know-how, a proven implementation methodology and a track record of 100% successful implementations across the globe”, said Mohammed Kateeb, Group Chairman & CEO of Path Solutions. “This win is further testimony to our breadth of capabilities in helping Islamic financial institutions across Africa transform and grow”.
Path Solutions holds a clearly dominant share in Africa’s Islamic financial services market. The company’s triumphs have been well documented through the years; its ongoing success is supported by a range of client testimonials and analyst accolades. The addition of AGIB to its portfolio ensured Path Solutions remains the undisputed leader of the Islamic banking technology space, having signed more than 100 Islamic banks and financial institutions globally.
About Path Solutions
Kuwait-based Path Solutions is a multi-award winning Islamic banking software house specialized in the provision of integrated solutions and services to the Islamic financial marketplace. The company offers a wide range of Sharia-compliant integrated software solutions covering Core Banking, Customer Service Management, Investment Banking, Fund Management, Treasury and Trading in GCC and Global Capital Markets.
Path Solutions’ flagship product, iMAL is built on open architecture, offers low cost of ownership and uses established standards such as HTTP/S and XML. It is also available as a Model Bank implementation, with best practice processes built-in.
Path Solutions sharply focus on building quality and excellence in its product development, delivery, deployment, training and support processes. The company has over two decades of experience in combining knowledge of banking markets worldwide with deep expertise of how technology is best applied in rapidly changing, highly demanding large-scale environments.
Learn more about Path Solutions: www.path-solutions.com
About Arab Gambian Islamic Bank Ltd.
The Arab Gambian Islamic Bank (“AGIB”) was incorporated as a private limited liability company on 11 November 1994 and was granted a banking license by the Central Bank of Gambia on 12 September 1996. AGIB is the only Islamic bank in Gambia, legally allowed to own equity in other companies and also operate in the real estate market. Banking services at AGIB are carried out in accordance with Islamic principles with the view to make profit and contribute to the socio-economic development of Gambia.
Learn more about AGIB: http://www.agib.gm