BankDhofar recently named Path Solutions as the core banking system provider for its Islamic operations. This system, called iMAL, is the first certified core banking system for the bank's Islamic banking operations.
The two companies signed an agreement which will see them working together to deliver Sharia-compliant products to BankDhofar customers and allowing it to expand this area of its business, a press release said.
Speaking on the signing of the agreement, Tony Mahoney, CEO, BankDhofar, said, "We turned to Path Solutions because of its strong reputation and proven track record in Oman, and its ability to support banks growing their businesses.
"BankDhofar has established itself as the leading Bank for corporate and consumer banking, we are currently focusing on increasing our competitive edge and expanding our business. We are rolling out diversified products and services which will provide access to a new set of clients in just one place."
Following a lengthy review process, BankDhofar selected Path Solutions from among several IT vendors offering a core banking solution. The bank was looking for a trusted partner with the knowledge and expertise in Islamic banking to enable it offer the best services to its customers.
The agreement was signed by Abdul Hakeem Omar al Ojaili, general manager, corporate services, BankDhofar, and Mohammed Kateeb, group chairman and CEO, Path Solutions. Senior members of both companies also witnessed the signing.
Commenting on the selection process, Kateeb said, "Following a thorough and detailed selection process that included a series of successful proofs of concept and demonstrations, BankDhofar's management was completely satisfied with Path Solutions' capabilities to meet their aggressive plans for growth and selected iMAL, the first certified core banking system for their Islamic banking operations".
And he added, "We look forward to providing the bank with great solutions to expand its business and deliver Sharia-compliant products to its customers".
BankDhofar is the third bank in Oman to embark on Path Solutions' iMAL. The bank joins a growing list of Islamic banks adopting iMAL to meet the needs of a large, complex financial services sector.
© Muscat Daily 2012
