Path Solutions, the global Islamic banking software company, today announced a new partnership with Nityo Infotech, the fastest growing next-generation global IT services company. By virtue of this agreement, Nityo Infotech will act as Path Solutions’ Business Alliance Partner for sales and services related to iMAL enterprise Islamic banking & investment platform for all countries in South East Asia. Nityo Infotech will also provide post-sales implementation and support for iMAL clients in this region.
This partnership will enable Path Solutions to seamlessly offer innovative banking products to address this region-specific Islamic banking requirements. iMAL is the first and only 100% Sharia-compliant core banking platform according to industry standard-setting bodies. Built on cutting-edge open technologies, iMAL brings the richest packaged Islamic banking functionality combined with digital banking offering, empowering Islamic financial institutions with modern, scalable, and sustainable technologies for a sustainable future.
Mohammed Kateeb, Group Chairman & CEO, Path Solutions said, “Sharia-compliant financial assets are forecasted to reach $3.2 trillion by 2020 according to ICD Thomson Reuters Islamic Finance Development Indicator, with ASEAN countries such as Malaysia, Indonesia, Brunei and Thailand leading the Top 20 Countries in Islamic Finance Asset. Given the rapid and outstanding boom the Islamic finance sector is witnessing in this region, we have partnered with Nityo Infotech to help expand our client base in South East Asia”.
Kateeb added, “Taking advantage of the opportunities digital disruptions offer as we are entering the new, digital-driven era of globalization 4.0, we built iMAL on modern and advanced architecture to fulfill the ever-evolving needs of the Islamic finance industry. The platform also reduces market pressures and regulatory burdens, and supports Islamic financial institutions in their digital transformation journeys in a cost-effective way”.
Naveen Kumar, Founder and CEO, Nityo Infotech said, “This partnership is an expression of our confidence in Path Solutions’ top-notch Islamic banking technology, industry business practices, track record of fail-proof implementations, and world-class business model. We hope that together we will create the perfect partnership to offer a unique value proposition that helps Islamic financial institutions in South East Asia gain a distinct competitive advantage in an increasingly complex and dynamic market. We view this partnership as a win-win proposition, and we look forward to a successful business relationship with Path Solutions”.