Morocco’s Bank Al-Tamweel Wa Al-Inma (BTI Bank) has selected Path Solutions’ iMAL Islamic core banking platform for its retail, commercial and corporate banking operations.
Already in use in French language across Africa, the Path Solutions’ platform has been selected by BTI Bank. The decision followed a deliberation by the bank’s selection committee.
The deployment of the iMAL core banking platform is also expected to provide BTI Bank multi-channel support as well as help in addressing compliance and regulatory requirements.
The implementation of iMAL is expected to help the lender to provide alternative banking services to its customers swiftly fulfilling all banking regulations.
It includes internet banking, mobile banking, participatory invest, participatory treasury, delivery channels, trade finance operations and financial messaging.
BTI Bank general manager Mohamed Maarouf said: “Our strategy is to benefit from information technology evolvement as it is impossible to attain long-term business objectives without leveraging the benefits of information technology in this digital age.
“We believe that iMAL Islamic core banking platform will support us in our mission of pursuing our growth strategy.
“iMAL will provide a sound infrastructure that will allow our bank to foster considerable innovation by launching a series of products that comply with the tenets of participatory banking.”
Approved by the central bank of the country Bank Al Maghrib, BTI Bank is jointly owned by Al Baraka Banking Group and BMCE Bank of Africa with 49% and 51% interests, respectively.
It started operating in the last quarter of 2017 with a capital of $40m.