Path Solutions, the global Islamic banking software provider, today announced that Bank Assafa has gone live with the latest version of iMAL in its headquarters in Casablanca as part of its strategy to bring cutting-edge Islamic banking services to its new customer base.
Bank Assafa is a wholly owned subsidiary of Attijariwafa Bank in Morocco, specialising in participative finance. Founded in July 2017, the bank offers a range of ethical banking products, which are compliant with the Higher Council of Ulema guidelines. Among all Islamic banks in Morocco, Bank Assafa has the widest network in the country with 40 branches in 20 cities.
With the rollout of the AAOIFI-certified iMAL core banking platform, Bank Assafa will be empowered to not only realize its growth strategy in a cost effective way, but also to offer a complete array of Sharia-compliant products and services to its corporate and retail customers, and to continue working towards the bank’s vision to become the country’s leading Islamic bank.
Youssef Baghdadi, General Manager of Bank Assafa, said, “The project implementation has delivered a multi-award winning Islamic core banking platform that includes a comprehensive model bank enabling us to be fully compliant with local regulations. The market potential here is immense and we believe that the flexibility and scalability provided by the system will support Bank Assafa in its ambitious strategy to take innovative products and differentiated services to market rapidly”.
Today, Bank Assafa is the largest French user of iMAL. This latest successful implementation combined with a local support presence and commitment to the region will contribute to increasing the footprint of Path Solutions in Morocco and North Africa by extending participative finance services to a broader community of clients.
Mohammed Kateeb, Group Chairman & CEO, Path Solutions, commented, “Morocco is embracing inclusive Islamic finance and Bank Assafa will definitely be a key contributor in expanding this segment in the country and in West Africa as a region; therefore, we are delighted to be their strategic technology partner. As technology becomes the strategic driver in the financial industry, we believe that our AAOIFI-certified core banking platform, which is built on the latest advancements in technology, will contribute tremendously to the innovation while speeding up time to market for interest-free products and services to satisfy the Moroccan customers”.
As part of the project scope, the following interfaces have been implemented onsite; Cheque and Bill Clearing interfaces with PROCHECK and GSIMT, HR interface, UTRF, Credit Bureau, CCB, DGI, CNSS, PPR, Incident Payment, Security Document (Cheque Printing), Compliance (Siron), and Office des Changes.
Furthermore, Path Solutions’ project team has ensured a successful transition of legacy data into the new iMAL system including Customer Creation, Account Creation, Islamic Deals, Standing Orders, Voided Cheques, Certified and Banker’s Cheques, Standard and ATM Hold of Funds.