Trustbank Suriname, now known as Trustbank Amanah, has deployed Path Solutions’ iMAL Islamic core banking platform following its transformation into an Islamic banking business model from a conventional financial services system.
The iMAL solution was selected by the bank following an extensive review of global core banking system vendors.
Path Solutions Group chairman and CEO Mohammed Kateeb said: “It’s a significant landmark not just for Trustbank Amanah, but for the banking industry in South America.
“The successful deployment of iMAL at Trustbank and its transformation into a full-fledged Islamic bank is testimony to the commitment from both Trustbank and Path Solutions to make this happen.”
Founded in 1989, Trustbank Suriname started the process of conversion into am Islamic banking system in 2015.
In the middle of 2016, the Central Bank of Suriname entered into a Memorandum of Understanding (MoU) to approve the conversion of Trustbank to a full-fledged Islamic bank.
As a part of the transformation, the bank changed its name to Trustbank Amanah.
Currently, Trustbank Amanah focuses on providing Islamic banking products supporting sharia compliance.
Trustbank Amanah CEO Maureen Badjoeri said: “From now onwards, iMAL will enable us to provide innovative retail banking services and products in conformity with Islamic law.
“It will also drive digital transformation, greatly enhancing customer experience, increasing efficiency and transparency of our banking operations.”