Bank of Khartoum turns to Path Solutions core banking system for UAE move
Bank of Khartoum (BOK) is implementing Path Solutions’ iMAL Islamic core banking system for its new branch in the United Arab Emirates – BOK International UAE.
As reported last year, BOK opened its first international branch (in Bahrain), underpinned by Path’s iMAL.
Path Solutions is a long-standing tech supplier to the Sudanese bank, but says for the latest project iMAL “was selected over international competitors’ systems”.
BOK focuses on products and services for corporates and high net-worth individuals, based on Shari’ah principles.
In August 2017, the bank was granted the final operational licence by the Central Bank of the UAE “after fulfilling all requirements” of the initial provisional licence that had been granted in April 2016.
iMAL will support regulatory compliance, customer service management, Islamic investment, asset management, trade and project finance, and international money transfers at BOK International UAE.
From Sudan to Pakistan
Path Solutions has had a busy year.
Sudan-based Faisal Islamic Bank is modernising its core banking software with iMAL. On the way out is the legacy decentralised Pentabank system, supplied by Financial and Banking Systems (FBS), a local tech vendor.
Crédit du Maroc (CDM), a Morocco-based subsidiary of the Crédit Agricole group, signed for iMAL to support its newly launched participative banking window.
iMAL also beat Temenos and Oracle FSS to a core banking software deal at Trustbank in Suriname.
Pakistan-based Mobilink Microfinance Bank (MMBL, formerly Waseela Microfinance Bank) announced the implementation of a new loan origination system, supplied by Path Solutions.
However, earlier this year an iMAL user in Pakistan – Burj Bank – was acquired by Al Baraka Bank and its operations were migrated onto Autosoft Dynamics.