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Dec 08 2010

International Development Bank of Iraq identifies Path Solutions as major strategic IT partner

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December 8, 2010 - Kuwait's leading IT solutions provider, Path Solutions announced today that International Development Bank of Iraq had signed up for iMAL, its Islamic banking solution on September 26.

In accordance with the agreement, iMAL Core Banking solution will seamlessly integrate various aspects of the Iraqi International Development Bank's divisions through a single interface which includes Core Banking, Internet Banking, Investment banking, Branch Automation, Trade Finance, Islamic Treasury, Islamic Profit Calculation, Data Warehouse & MIS, Delivery Channels and Central Bank Reporting.

Speaking on the occasion, Path Solutions ' Chairman & CEO, Mohammed Kateeb, said that the International Development Bank of Iraq win reaffirms Path Solutions ' greater regional focus. "Signing up with IDB of Iraq is an important landmark for Path Solutions since it establishes a dominant place for iMAL core banking solution in the country. Over the past year, we have been in rapid client acquisition mode in Iraq, which we see as one of our key markets", he said. "We will continue to focus strongly on the Iraqi market, where we have already made our mark with two other clients, by providing best-of-breed AAOIFI-certified software solutions and services", Kateeb added.

Iraq of 2010 is getting ready to flourish and expects the financial sector to take its earning position to be an economic leader and a major player in the Middle East and respective markets. International Development Bank is proud to be one of the prime banks with the maximal capital. It is laying the foundation gradually; organizing its management, personnel and plans by means of modern, technical and professional systems; emerging and leading among competitors; thus paving the way for enriching the banking culture to be worth of the legacy of the first country that invented writing, made laws and registered the first commercial transactions.

General Manager of the International Development Bank of Iraq Hussein Alhakim said, "IDB of Iraq is happy to associate with a globally renowned IT solutions provider such as Path Solutions which appeared with its end-to-end award winning software solutions as the best match for our anticipated IT initiatives. Our plans are totally focused in meeting current and evolving client needs towards sustainable business growth. This agreement is in line with the strategy of International Development Bank of Iraq to further strengthen its leadership position in the Islamic banking space not only in Iraq but the whole region".

Path Solutions ' rapid success in Iraq is due largely to its impeccable implementation track record, providing Islamic banks and financial institutions with the flexibility to launch innovative and true Islamic banking products and services rapidly and cost effectively.

For further information please visit our website on www.path-solutions.com
-Ends-

© Press Release 2010

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