Path Solutions signs Somalian challenger MyBank for iMAL core
Path Solutions has signed up Somalian challenger MyBank for its Sharia-compliant software solution iMAL.
MyBank is Path Solution’s second Somalian banking client for iMAL, part of the vendor’s “stronger focus on the Somali market for Sharia-compliant software solutions” and attempts to “tackle financial exclusion” in the country.
Its latest client will benefit from a full Islamic core banking suite, as well as “branchless banking” services and an array of payments and personal financial management (PFM) tools.
MyBank’s CEO Abdulrazak Mohamed Ahmed says Path Solution’s technology will help it meet local and regulatory compliance standards and give its customers “more convenience and more tailored interest-free solutions”.
The iMAL solution, which is AAOIFI-certified, is designed to automate and streamline customer services, central bank reporting, facility management, and risk mitigation.
It also helps banks perform cross-asset risk management, straight-through processing, and supports investment processes including calculations and payments, collection and revaluation.
“We are pleased to sign MyBank in Somalia as it enforces iMAL position as a dominant core banking platform in Sub-Saharan Africa and Path Solutions as the preferred solution partner in this key region where we’ve been having great success and rapid client acquisition”, says Path Solutions’ group chairman and CEO Mohammed Kateeb.
Currently, iMAL powers 38 Islamic banks across the continent.
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