TIIB to deploy Path's Islamic banking solutions
Yemen's TIIB to roll out Path Solution's iMAL Islamic banking system
Kuwaiti software developer Path Solutions has signed a deal to provide Islamic banking solutions to Tadhamon International Islamic Bank (TIIB).
Path will implement its iMAL Islamic banking and investment system in all 23 of TIIB’s branches across Yemen, to enable the bank to offer customers Shariah-compliant banking services.
Haj Abduljabbar Hayel Said, TIIB chairman commented: “We are very pleased to partner with Path Solutions. Path Solutions is at the forefront of banking technology, given the number of achievements accomplished recently. This agreement forms a key part of our strategy to improve the services we offer to our customers. The solution will enable TIIB to grow and effectively compete with larger banks while delivering innovative range of Islamic products to market.”
The iMAL solution includes core banking, customer service management, investment banking, treasury, funds management and trading in global capital markets. The system is highly integrated from front end to back end, to provide Straight Through Processing, to reduce time and error in processing.
Nazzem Yaghmour, Path Solutions' EVP business development said: “This deal is strategically important to Path. TIIB has managed to position itself as one of the leading financial players in Yemen's banking sector and abroad. They have gone through a very comprehensive selection and professional due diligence exercise to select a Core banking system that can help them realize their business expansion plans. We are proud to be their selected technology partner. We are committed to providing TIIB with the best possible user experience and technology know-how.”