Ejabiah picks Path Solutions to power 0% interest financing
Saudi Arabia-based financing firm Positive Facilities – also known as Ejabiah – has picked Path Solutions to provide its core banking services.
Ejabiah claims to provide “much needed” 0% interest financing, based on the Islamic principle of Qard Hassan.
The firm aims to serve up to 50,000 small and medium-sized enterprises in Saudi Arabia and exceed more than 30 million transactions per year.
“Ejabiah will be championing a more sustainable, diverse, and transparent banking in the Kingdom,” says Riyadh Al Rabiah, the firm’s managing director.
“Our IT unit understands the vital role of digital technology in today’s banking and financial services industry to assist customers in identifying the right financial solutions.”
Path Solution’s core banking system, iMAL, is compliant with the Shariah principles under which Ejabiah aims to operate.
The deal is the vendor’s fist subscription cloud-based deal in Saudi Arabia, hosted on infrastructure provided by Oracle.
Mohammed Kateeb, CEO and group chairman at Path Solutions, says cloud banking will continue to gain momentum in the region.
“It provides our clients with a highly secure, compliant, available, and scalable system while reducing physical infrastructure footprint.
“The financial sector is experiencing technology-led disruptions, and hence adaptability and rapid response are imperative to remain relevant in a changing business environment.”