Kuwait-based Path Solutions, an international core banking system provider for Islamic banks and financial institutions, has announced the signing of a licence agreement with Sudan Financial Services Company (“SFSC”), giving Path Solutions unrestricted access to deploy its iMAL Enterprise Islamic & Investment System across their business.

SFSC was established by the Central Bank of Sudan (CBOS), with a percentage ownership of 99% and the Ministry of Finance and National Economy (MOFNE) holding 1% stake. The company provides financial services in accordance with Sharia principles related to the management and dealing of share allocations owned by the Sudanese government, its corporations and institutions through Sukuk issuance.

“Revamping our technology platform with Path Solutions’ iMAL is an important step towards accelerating operational efficiency and achieving growth targets”, commented Khamis AboAmer, General Manager of SFSC. “A modern Islamic financial services system paves the way for our company to accelerate business performance, helping to boost the delivery of Sharia-compliant financial services. We can now become more customer-centric and meet the changing demands of our expanding customer base”, he said.

Under the terms of the agreement, iMAL solution will enable SFSC to offer targeted and customized offerings to its customers. The solution will also help them eliminate various manual processes, enhance productivity, reduce errors and ensure 24x7 availability. With iMAL, SFSC will not only achieve a significant jump in operational efficiencies, but will also accelerate growth, manage scale and drive innovation, thereby providing superior value to its customers.

Mohammed Kateeb, Group Chairman & CEO, Path Solutions, commented, “Over the past couple of years, we have made significant investments in our core banking system. The deployment of iMAL will give SFSC the flexibility to develop more efficient processes, and better manage real-time data with respect to its NPA (non-performing assets). It will also enable them to launch new products and services in a Sharia-compliant manner, thus increasing their competitiveness in Sudan. We will continue to focus strongly on the Sudanese market, where we have already made our mark, and focus on providing world-class technology-driven business solutions and services to our esteemed clients”.

Path Solutions is the world’s largest provider of Islamic software solutions with over 120 clients across 37 countries. iMALoffers a complete front-to-back office platform that powers banking operations for Islamic financial institutions from start-ups to established Islamic banks entering new markets. iMAL has been consistently ranked as the first best-selling Islamic core banking system worldwide for the past eight years by International Banking Systems, UK.