European Finance House Ltd (EFH), the new London-based Islamic bank, has been authorized by the FSA and is now fully operational, following its “soft” launch in September 2007.
EFH selected Path Solutions’ iMAL as its core-banking system: a proven Shari’a-compliant solution which supports a comprehensive range of Islamic financial instruments including Mudaraba, Murabaha, Salam, Istisna, Musharakah, Tawarruq, Sukuk and Ijarah.
EFH will provide Shari’a compliant financial services and solutions to corporate, institutional and high net worth clients primarily in the UK, Continental Europe and GCC markets, with a clear focus on investment banking.
During the first “proof-of-concept” phase, said: “So far, we have been pleased with the functionality and performance of the system”.
“I would like to take this opportunity to thank Path Solutions’ implementation team for their co-operation, support and guidance to-date. I am confident that deployment of the iMAL product suite will enhance EFH’s operational efficiency, in line with our plans to increase productivity whilst minimizing our costs”, says David Potter, COO, European Finance House.
The 15-year-old software firm – Path Solutions – has built a reputation for a wide spectrum technology offerings, particularly for the Islamic finance industry. It has a sound track record of past work with leading Islamic and non-Islamic commercial and investment banks.
“Our team has extensive experience in project management, strategic planning and consulting services. In addition, we have been involved in implementation projects using renowned and acknowledged software implementation methodologies,” says Alain Abou Khalil, project director, Path Solutions.