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.