Africa and Gulf Bank selects Path Solutions for strategic Islamic core banking implementation
- Core Banking , Islamic Finance
- 06.04.2020 12:41 pm
In line with its new vision to fuel innovation, Africa and Gulf Bank (“AGB”) in Sudan has signed an agreement with Path Solutions, the software specialist for the Islamic financial services industry, in which Path will provide the front-to-back iMAL suite for retail, commercial and corporate banking to be implemented as AGB’s new core banking and channels platform.
AGB has been recently awarded a banking license by the Central Bank of Sudan. The bank offers a wide portfolio of Sharia-compliant products and services that address the needs of individuals, corporate companies, and government institutions.
Commenting on the announcement, Saleem ul Haq, CEO at AGB, said, “Our selection of iMAL highlights our commitment to providing new and innovative services to our customers. We invest in latest technology to deliver speed and convenience to the market we serve. iMAL Islamic core banking platform will support our ambitious growth plans and enable us to bring innovative Sharia-compliant products to market more quickly and efficiently. Its modern software architecture and real-time features will provide the foundation for our digital business. Path Solutions has the knowledge, expertise and technology to fulfill our vision and support the implementation of our strategy, which is why we have chosen them as our strategic software partner”.
Mohammed Kateeb, the Group Chairman & CEO of Path Solutions, commented, “We are delighted to be working with AGB on this significant core banking project. By selecting iMAL open banking platform across the bank’s entire business, AGB puts itself in a position to differentiate its customer proposition by accommodating its business in this important journey toward digitalization. iMAL will give AGB the technology to meet the soundest Sharia and regulatory requirements, and to scale its business while also delivering personalised customer experience”.
iMAL advanced system architecture allows for instant customer fulfilment, easy integration with AGB’s other systems and full exploitation of the bank’s data assets. This will allow AGB to better support its core operations and channels to deliver a unique and differentiated customer experience.