Meethaq signs deal with Path Solutions
September 15, 2013 | 12:00 AM
CORE BANKING SUITE: Meethaq opted for iMal Islamic core banking suite to fulfil numerous business requirements. Photo — Supplied

Muscat: Meethaq, the pioneer of Islamic banking in Oman from Bank Muscat, has signed an agreement with Path Solutions, global vendor of Shari'a-compliant banking software solutions for the Islamic financial services industry, to implement iMal Islamic banking and investment system.

Sulaiman al Harthy, Group General Manager - Islamic Banking, and Mohammed Kateeb, Group Chairman & CEO of Path Solutions, signed the agreement at the bank's head office.

Al Harthy said: "Meethaq is delighted to join hands with Path Solutions to implement iMal, which is a state-of-the-art Islamic core banking solution incorporating the latest technology, ideally built to meet the bank's requirements of Shari'a compliance, cutting costs, improving profitability, servicing customers faster and smoothening processes.

Meethaq opted for iMal Islamic core banking suite to fulfill numerous business requirements."

He said: 'The implementation of iMal stems from Meethaq's commitment and focus to take the lead role in offering a suite of Shari'a based banking products and services which combine traditional values with modernity and ensure the choice of staying true to one's values. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry. The Meethaq strategy is to attract customers through innovative Shari'a based products and services."

Path Solutions' iMal is the 1st Sharia-compliant software system that has been fully certified by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) in 2008. It is an integrated, modular Islamic banking suite with full functionality, including retail, corporate, investment, trade finance, and treasury modules.

It supports multi-company and multi-bank environments and is truly global in scope, incorporating both multi-currency and multi-lingual capabilities. In addition, iMal contains robust risk management and security features that provide a flexible, user-friendly interface while allowing Islamic banks to have complete control over their financial systems.

Mohammed Kateeb said: "Path Solutions competed against major players in the sector and we are delighted to be chosen by Meethaq reckoned a strategic client. Bank Muscat is already using iMal Islamic banking and investment system in its subsidiaries in Saudi Arabia and Kuwait. The Meethaq project is yet another endorsement of the strong global acceptance of our Shari'a-compliant banking solutions and the high quality service provided by our team."

Industry consolidation, increasing compliance and competitive advantage are some of the other key elements considered by Meethaq to select iMal Islamic core banking system for its full-fledged Islamic banking operations. Bank Muscat is the first commercial bank in Oman to launch independent Islamic banking window operations. The bank has invested in staff, systems and controls to ensure the service is delivered in a professional, segregated and fully Shari'a-compliant manner.

Path Solutions is at the forefront of the Islamic financial software industry, providing a broad, deep spectrum of Sharia-compliant integrated solutions and services that cover core banking, customer service management, investment banking, risk management, treasury and trading in GCC and global capital markets.

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