Bank Muamalat Selects Path's Enterprise Islamic Banking Application

Path Solutions, the software provider for the Islamic banking industry, announced that Bank Muamalat Malaysia Berhad (BMMB) has selected Path's Enterprise Islamic Banking application to provide a centralized, front to back office core banking platform for its Islamic, Retail, Corporate

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Path Solutions, the software provider for the Islamic banking industry, announced that Bank Muamalat Malaysia Berhad (BMMB) has selected Path’s Enterprise Islamic Banking application to provide a centralized, front-to-back office core banking platform for its Islamic, Retail, Corporate and Investment banking operations.

The historic agreement between BMMB and Path Solutions is the first of its kind and reflects the confidence BMMB has in the future of enterprise Islamic banking technologies.

Path Solutions’ iMAL will be implemented and deployed at over 50 existing branches for BMMB in Malaysia. It is expected to go live by September 2010. In addition to iMAL Core Banking, BMMB will also deploy the Branch Automation, Deposit, Financing, Remittance, ATM and Card System, Assets & Portfolio Management, Trade Finance, Internet Banking, Business Intelligence and Regulatory Reporting modules.

The selection was made by BMMB following an exhaustive process involving all major solution providers.

“Bank Muamalat is very selective about partnerships with strategic IT vendors,” says YBhg. Dato’ Haji Mohd Redza Shah Abdul Wahid, CEO of BMMB. “After an extensive review, we chose Path Solutions’ iMAL – a Sharia-compliant software certified by AAOIFI – capable of addressing the Islamic banking requirements for BMMB”.

“We are delighted to expand our relationship and provide the first AAOIFI-certified solution that will serve all of BMMB banking requirements”, says Naji Moukadam, president of Path Solutions. “Besides the continuous local support from Path, we are confident of the technology excellence and expertise BMMB will obtain using iMAL. This partnership will help to maintain and enhance its competitiveness in South East Asia market”.

“At Path, we are determined to lead by example within the markets in which we operate, by contributing to the empowerment of the Islamic finance industry through innovative and enterprise-wide solutions to exceed all expectations,” says Moukadam. “Our partnership with BMMB rated as one of the largest pure Islamic banks in Malaysia and a key symbol in the Malaysian banking sector is another major step in consolidating iMAL as a brand of reference in South East Asia, enhancing further Path Solutions’ positioning and connection to the local banking market”.

D.C.

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