Path Solutions Upgrades Jaiz Bank’s Core Banking Platform for Enhanced Performance

Path Solutions Upgrades Jaiz Bank’s Core Banking Platform for Enhanced Performance
30.07.2019 11:12 am

Path Solutions Upgrades Jaiz Bank’s Core Banking Platform for Enhanced Performance

Core Banking , Islamic Finance

Path Solutions, the global Islamic banking software company, today announced that Jaiz Bank Plc., Nigeria’s premier non-interest (Islamic) bank has successfully upgraded its Islamic core banking platform iMAL R14.1 version. The upgrade is to enable innovation that will meet evolving customers’ needs as it expands into new markets.

Path Solutions analyzed Jaiz Bank’s specific IT requirements and adapted them to the latest version of iMAL. The company’s open banking platform allows banks to easily upgrade their core banking technology to be at the forefront of innovation.

With this upgrade, Jaiz Bank aims to bring the latest technology to its customers to optimize the level of value creation. The system upgrade project onsite activities kicked-off in December 2018 with a timeline of just 6 months, i.e. June 2019 to go live.

Hassan Usman, Managing Director, Jaiz Bank Plc. commented, “We are pleased with the successful upgrade to iMAL R14.1 on Oracle in a smooth and timely manner. All channels and surround systems were verified and got satisfactory results from day one. With the new Sharia-compliant core banking platform, our customers will benefit from the best practices and enhanced features that Path Solutions has invested in the software since our last implementation. Moreover, we will continue to scale in line with our growth strategy, and stay ahead of industry trends as we continue to expand into new segments”.  

Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said, “Collaboration is vital in order to stay ahead of an ever-changing marketplace. By collaborating with our clients to help them identify customers’ expectations that will enhance their daily processes and interactions, and investing 30% in R&D, we ensure that we remain the industry leader in Islamic financial software solutions. iMAL R14.1 will empower our clients to be future-ready, given the rapid digital disruption that we are facing. The result is a dynamic ecosystem of innovation that will drive growth and customer satisfaction. We look forward to continuing to work with our clients all over the world to modernize their platform and bring real-time and fully digital banking services to their customers”.

Jaiz Bank is a quoted public company trading on the floor of the Nigerian Stock Exchange (NSE) with a balance sheet size of N144.06 billion (as at 30th June 2019) from N12 billion in 2012. Its Financing and Investment Assets have grown from over N30 billion in 2012 to N97.6 billion (as at 30thJune 2019). Jaiz Bank has also grown its branch network from 3 in 2012 to 39 spread across the country, to serve those who wish to bank free of interest with its product offering substantially ranging from friendly retail to commercial and corporate banking in line with the Islamic Commercial Jurisprudence.

Related News

FinTech partnership helps UK banks and financial institutions stay competitive with SME customers

Today five°degrees; a digital core banking provider announces its partnership with Codat, a London based FinTech helping banks to integrate with the multiple accounting... Read more »

Mambu positioned as a Challenger by Gartner in the 2019 Magic Quadrant for Global Retail Core Banking

Mambu, the leading SaaS banking engine, today announced it has been positioned by Garter, Inc in the Challengers quadrant of the 2019 Magic Quadrant for Global Retail Core... Read more »

FinTech partnership strengthens position of five°degrees and W.UP in European banking and finance market

Today five°degrees; a digital core banking provider, announces its partnership with W.UP, a banking provider that uses artificial intelligence to generate digital revenue and... Read more »

Cheers Paytech chooses Mambu as core banking system

Cheers Paytech, the Singapore-based fintech, has partnered with Mambu to provide the core banking technology for all wallet accounts to fuel growth. The partnership will... Read more »

Tata Consultancy Services Announced that KGI Bank Deployed TCS BaNCS for its Next Phase of Growth

Tata Consultancy Services (TCS), (BSE: 532540, NSE: TCS), a leading global IT services, consulting and business solutions organization, announced that its customer, KGI Bank in... Read more »

Path Solutions Won First Place in a Record-Breaking four Categories of ACQ5 Global Awards

Path Solutions, a global provider of Sharia-compliant banking software solutions and services, has won... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel