Kenya-based National Bank, in collaboration with Islamic banking software group Path Solutions, has implemented a new Islamic core banking system for its Islamic unit named National Amanah.
The iMAL Islamic core banking system will include branch automation module, retail and corporate Islamic financing applications, Islamic profit calculation and electronic check clearing system with interfaces to ATM/POS.
Path Solutions executive vice president of global professional services and global support Jacob Zachariah Karuvelil said: "I am confident that National Bank will be able to leverage the benefits of iMAL solution, launch innovative Islamic banking products and services quickly and gain business agility in its banking operations."
National Bank director of Islamic Banking Musa Adan said: "Over the past few years, we have been gearing up to drive an alternative form of banking that is based on the principles of Sharia.
"Thus, we had no choice but to take advantage of new-age Sharia-compliant technologies which would help in launching new Islamic banking products and services with reduced time-to-market and costs."