ADIB secures online Islamic solution

Abu Dhabi Islamic Bank has announced a collaboration with Path Solutions to implement the Kuwaiti company's iMAL system for its banking operations

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By  Barnaby Chesterman Published  February 12, 2001

Abu Dhabi Islamic Bank (ADIB) is taken a step into the electronic age by employing Path Solutions’ Islamic Integrated Banking & Investment System (iMAL) for its banking operations.

Path Solutions, a Kuwaiti Islamic financial solutions provider, has supplied iMAL to be deployed throughout ADIB’s headquarters and branches. All the Bank’s contracts, operations and transactions are conducted according to Sharia principles and iMAL will enable ADIB to provide these services over the Internet.

“The bank is expanding its operation and our customers are requiring high technology service delivery channels,” said Abdul Rahman A. Abdul Malik, chief executive officer of ADIB. “Following a balanced approach, the bank is in the on-going process of establishing state-of-the-art delivery channels with a good mix of physical and non-physical presence.”

The iMAL system will support the bank’s business by incorporating applications covering accounting, customer management and fund management. iMAL addresses the full spectrum of Islamic products and empowers the user to create new products in accordance with Sharia law. Product types in the system include morabaha, modarabah, mosharaka, ijara, istisnah, project financing, real estate and salam.

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