Ziraat Participation Bank in Sudan will implement Path Solutions’ iMAL Islamic core banking platform. The bank is affiliated to Ziraat Katilim Bankasi and Ziraat Finans Group, the banking group in Turkey operating on Islamic as well as conventional platforms.
The implementation of iMAL solutions include Murabaha, Musharaka, Mudaraba, Ijara, Istisnaa, Salam, Qard Hasan, time deposit, profit distribution, trade finance, credit facilities, remittances, accounts payable, Internet and mobile banking, and fixed assets.
Mohammed Kateeb, Group Chairman & CEO, Path Solutions said: “We are pleased to join hands with Ziraat Participation Bank in Sudan, member of Ziraat Katilim Bankasi, a state-owned and the largest participation bank in Turkey both per number of branches and total assets. This partnership represents a significant milestone for our company, and we are confident that our robust core banking platform will provide Ziraat Participation Bank with full compliance with the Sharia law, a competitive advantage and the flexibility to expand its presence in Sudan”.
Path Solutions is a software and services provider dedicated to the Islamic banking segment. It serves more than 140 Islamic financial institutions in over 40 countries. Ziraat Participation Bank offers commercial, retail, investment, and private banking services to customers in Sudan.
Metin Ozdemir, General Manager, Ziraat Participation Bank mentioned: “We have chosen Path Solutions based on our team’s technical evaluation of major core banking application alternatives and the management’s assessment. I believe that our cooperation will bring successful results to our Sudan operations. iMAL boasts many comprehensive features and functionality designed to provide Islamic banks with a competitive advantage by offering pioneering Sharia-compliant financial technologies that transform the customer experience.”
“This strategic partnership with Path Solutions will generate new opportunities for Ziraat Bank in Sudan; it will allow us to cater to the ever growing demands of our customers for innovative Sharia-based banking products”, he added.
With the selection of iMAL, the bank is planning to launch a range of Islamic banking products with focus on ensuring Sharia compliance. The iMAL software is expected to reduce time to market, perform real-time processing on multiple channels and in numerous currencies, simplify operations, and minimize the bank’s operating costs.
Source IBS intelligence