Path Solutions, the world leader in the provision of technology solutions to the Islamic financial services industry, today announced that it has signed up Crédit du Maroc (CDM), as the bank’s single financial software partner for its newly launched participative banking window.
Earlier this year, the Committee of Credit Institutions has issued a favorable opinion on the application submitted by CDM for the launch of a participative window.
The top-ranking Moroccan financial institution - CDM, which offers a comprehensive range of retail banking, corporate and investment banking services, selected Path Solutions after an international request for proposals. CDM chose Path Solutions for its excellent track record, its experience and its leadership in Sharia-compliant software solutions.
CDM opted to launch its participative activity with a solid and dedicated Islamic core banking system. iMAL from Path Solutions seemed to respond to the requirements of CDM. “We looked to partner with a core banking system provider who has delivered pure Sharia-compliant solutions for major Islamic banks and Path Solutions clearly stood out in this respect”, commented Abdelali Bennouna, Director of the participative window in CDM.
iMAL is the world’s most widely used Islamic core banking system, and provides an advanced, open technical architecture combined with functionality richness, enabling both Islamic banks of any size and Islamic windows to respond to evolving market needs, accelerating their core competitiveness for the future.
Mohammed Kateeb, Path Solutions’ Group Chairman & CEO said, “Our engagement with CDM reinforces our leadership position in providing Sharia-based solutions for leading banks in North Africa. We are pleased to be the partner of choice to CDM to help start the new journey towards participatory banking. The strength of iMAL will allow CDM to be customer-centric and responsive to market changes, while maintaining full Sharia compliance. Through open architecture, advanced echannels and mobility, the system will allow CDM to provide services to its customers such as mini-statements of account, funds transfers, bill payments, portfolio management services, real-time stock quotes, and alerts on account activity”.
Following the comprehensive regulatory reform initiated in January 2014 by Bank Al Maghrib (Central Bank of Morocco) for establishing participative entities in the country, CDM will launch its new participative activities in 2017 and iMAL will be then deployed as planned. The bank’s selection of iMAL Islamic Banking & Investment System emphasizes its commitment to compliance, technology and innovation, and to offering a complete range of modern Sharia-compliant banking products supported by distinctive and effortless customer experience.