Zain Iraq Islamic Bank for Investment and Finance (Zain Bank), a Baghdad headquartered retail bank, has chosen Path Solution’s iMAL Islamic core banking system for the launch of its Islamic banking services.
iMAL enables the bank to provide modern Islamic banking services and offer better digital banking services supported by Sharia-based technologies.
It supports the banks’ main operations in compliance with Shari’ah principles, including Internet and mobile banking, trade finance, treasury, business intelligence (BI), risk management and reporting (including FATCA), and also an HR operational portal.
The bank has previously evaluated offerings from international vendors, including Temenos, Misys, Oracle FS, ICS Financial Systems and Capital Banking Solutions, before choosing Path Solutions.
Zain Bank managing director Tawfeeq Hashim Tawfeeq said: “We selected iMAL because of its excellent reputation in delivering to local banking demands including Islamic banking requirements.
“This scalable platform will allow us to grow quickly by launching a wide range of innovative Sharia-compliant banking products to meet the demands of our customers in the country.
“We feel confident that our investment in Path Solutions will pay off by helping us adhere to local standards, attract new business and subsequently win superior market share.”
Path Solutions group chairman and CEO Mohammed Kateeb said: “Iraq experiences increasing momentum in the growth of Islamic banking and we are excited to further build upon our unique position in this country.
“We are confident that Zain Bank will benefit from our industry know-how to launch and expand its business significantly, and manage future growth in a competitive environment.”