Path Solutions, a leading provider of Islamic banking software solutions, today announced the successful upgrade of the iMAL*ProfitCalculationSystem in Java version 14 at BankIslami Pakistan Limited (“BankIslami”).

Syed Ata Hussain, Head of Information System, BankIslami, said, "I am very proud of the level of professionalism Path Solutions has shown during the upgrade. Armed with a solid implementation methodology and supported by a team of skilled and passionate consultants, Path Solutions was able to fulfill its commitment, and we were able to run the first successful PCS in Java version 14 in Pakistan. We consider this implementation as a major milestone, as the course of the project involved exhaustive upgrade, internal testing phases, multiple UAT cycles and three full scale application testing exercises to ensure uninterrupted business operations following the upgrade. Once again, Path Solutions was up to the challenge and we upgraded successfully owing to the tireless efforts of all teams involved”. 

BankIslami was the first bank to receive Islamic banking license under the Islamic Banking Policy of 2003 of SBP.  It started its operations on April 7, 2006. It is a leading Islamic bank in Pakistan with nationwide network of 317 branches in 93 cities offering a full range of Sharia-compliant financial products.

This PCS upgrade was pivotal for BankIslami especially after its merger last year with KASB Bank (in which more than 100 branches of KASB were migrated to iMAL Islamic Banking & Investment System), considering that BankIslami needed several modifications in order to broaden its operations spectrum to ensure compliance with Central Bank regulations.

The latest iMAL*ProfitCalculationSystem module is a Web-based application and can be implemented either on Oracle or Sybase RDBMS. It supports all main browsers in the market (IE11+, Firefox3.6+, and Chrome) and may be deployed on any JEE Web/Application Server Apache Tomcat, Oracle WebLogic, etc.

The module incorporates:

·         Built-in control procedures and compliance with Islamic Sharia

·         Built-in limits monitoring and exposure control

·         Extensive credit risk measurement and evaluation

·         Extensive reporting tools

·         Pool management control function which allows high flexibility in fund and risk management

·         High parametric features can be set solely for a portfolio of investments and deposits segregated by currencies, investments and deposit account type or even account periodicity

·         Various calculation methods, while other business and functional features are all parametric

·         Guaranteed accuracy, operational efficiency, effective pool control with a large variety of preset calculation criteria based on parametric options.

Path Solutions’ latest PCS Java version will ensure a remarkable improvement in performance and will fulfill all BankIslami’s regulatory requirements.

Earlier this year, Path Solutions announced the release of the latest version of the multi-award winning Islamic core banking system, iMAL, which provides users with a modern and updated interface, as well as the addition of several new modules to keep pace with changing legislation and evolving market needs.

Path Solutions consistently ranks first in IBS Islamic Sales League Table, a barometer for Islamic core banking systems sales activity. Besides, since the company’s launch 25 years ago, over 100 Islamic financial institutions have selected itsiMAL system.