Path Solutions announced today that it had signed up MyBank Ltd., its second banking client for iMAL in Somalia, and indicated a stronger focus on the Somali market for Sharia-compliant software solutions and services to tackle financial exclusion in the country.
Under the terms of the agreement with MyBank Ltd., Path Solutions will provide a full Islamic core banking suite in addition to branchless banking as well as payments and personal financial management (PFM) tools. Once implemented, iMAL shall bring significant automation and efficiency into all respective core areas of the new bank including customer service, central bank reporting, facility management, as well as effective risk mitigation, Sharia compliance and internal controls to power the bank’s operations in the country.
iMAL is a comprehensive, fully integrated AAOIFI-certified banking platform which enables cross-asset risk management, straight-through processing, and supports the complete lifecycle of a wide range of transactions and investment processes including calculations and payments, collection and revaluation. iMAL is scalable in that the process of adding new products is simplified. It also helps financial institutions run and scale their business much more efficiently while minimizing total cost of ownership (TCO).
“We are pleased to sign MyBank Ltd. in Somalia as it enforces iMAL position as a dominant core banking platform in Sub-Saharan Africa and Path Solutions as the preferred solution partner in this key region where we’ve been having great success and rapid client acquisition”, commented Mohammed Kateeb, Group Chairman & CEO of Path Solutions. “Today, iMAL powers the operations of 38 Islamic banks in the continent. iMAL rapid success in the market is due to its next-generation capabilities providing Islamic financial institutions with the flexibility to introduce innovative digital products and services and delivering them anywhere and anytime rapidly and cost effectively, achieving the digital transformation that many banks are seeking, empowered by our impeccable implementation track record”, he said.
Abdulrazak Mohamed Ahmed, Chief Executive Officer, MyBank Ltd. commented, “We are committed to applying innovative technology to meet local and regulatory compliance standards, and to give our customers more convenience and more tailored interest-free solutions. Path Solutions provides everything we need from one platform to provide our customers of today and tomorrow, with the choice of engaging with us in a Sharia-compliant manner, thus ensuring an exceptional, transparent and consistent user experience across all channels”.