Zain Bank signs for Path Solutons’ iMAL core banking system
Zain Iraq Islamic Bank for Investment and Finance, a start-up retail bank in Iraq, has opted for the iMAL core banking system from Path Solutions.
According to the vendor, its flagship platform was chosen ahead of the offerings from Temenos, Finastra (formerly Misys), Oracle FSS, ICS Financial Systems and Capital Banking Solutions.
Zain Bank selected iMAL “because of its proven success in meeting local regulatory requirements and supporting the full range of Islamic banking business models”, Path says.
iMAL will support all main operations of the bank in compliance with Shari’ah principles, including internet and mobile banking, trade finance, treasury, business intelligence (BI), risk management and reporting (including FATCA), and also an HR operational portal.
This is Path’s second win this year in Iraq, following the signing of Al Rajeh Islamic Bank in summer.