The company identifies Islamic banking as key focus area in the country
With a view to adhering to Islamic principles, enhancing operational efficiency and customer service, Wifak International Bank ("WIB") is all set to implement the new iMAL Islamic banking and investment system.
Five shortlisted system vendors were invited and competed in the bid. Both the technical and financial evaluation of the bidders, including a comprehensive assessment of product demonstrations were conducted by the Management Bid Evaluation Committee in coordination with the bank's IT department, in accordance with the criteria set for the purpose. All in all, Path Solutions was found to be the most successful bidder, and awarded this strategic contract following the endorsement of the decision made by the bank's Board of Directors.
Wifak Bank is a continuation of the leading well known El Wifack Leasing, listed on the Tunis Stock Exchange. In 2013, El Wifack Leasing had filed a request to convert into an Islamic bank for which it has obtained approval from the Central Bank of Tunisia in 2014. It has then increased its share capital from 20 to 150 MTD.
Speaking on the sidelines of the signing ceremony, Mohammed Mellousse, General Manager of Wifak Bank said, "The new Islamic core banking system from Path Solutions is expected to usher a new era whether in Sharia compliance or in the modernization of our banking operations, as the new system uses state-of-the-art technology that will greatly support the ambitious plan of our bank to provide a host of Sharia-compliant services to our customers in a sustainable way".
Mohammed Kateeb, Group Chairman & CEO, Path Solutions commented, "More and more banks in North Africa are turning to Path Solutions to ensure compliance with the Sharia and all applicable rules and regulations, and to achieve greater flexibility and efficiency in their operations. We are pleased that our Islamic banking system was selected by Wifak Bank as a key component of its move to a modern Sharia-compliant technology platform. We are confident that iMAL will meet Wifak's current and future requirements and boost its operations and services manifold".
After a thorough evaluation process, Wifak Bank, the third Islamic bank in Tunisia, chose to work with Path Solutions, an undisputable worldwide leader in the Islamic financial services sector. According to the Management Bid Evaluation Committee, the news was damaging to the competition. Apart from automating business processes and reducing costs, the bank's IT investments are made primarily to fully comply with the provisions of the Sharia, provide diversified and unique Islamic banking products to its customers and grow its market share.
Path Solutions is said to be increasing its penetration substantially in North Africa due to the high demand for Sharia-compliant banking technologies, following amendment of existing laws to allow for the creation of Islamic banks.
-Ends-
About Path Solutions
Path Solutions is a leading information technology solutions provider offering a broad, deep spectrum of Sharia-compliant integrated solutions and services to the Islamic financial marketplace.
Designed to meet the needs of modern Islamic banking, Path Solutions' turnkey solutions are based on an open, flexible architecture and an established deployment methodology. They have been tested and implemented at some of the world's most sophisticated Islamic banks, Islamic banking windows as well as conventional banks converting into Islamic banking operations.
The company's flagship product - iMAL, provides a complete suite of Islamic banking applications with a rich sweep of functionality and features, addressing Sharia compliance, local and regulatory requirements. The system is built on the JEE platform and is SOA compliant. iMAL runs as a web application and can be deployed in a multi-tier setup environment.
Path Solutions has built a leadership position by continuously innovating in differentiated, mission-critical software solutions to stay at the forefront of the Islamic financial industry. iMAL is a perfect fit for the vertical markets. With significant architectural renewal through componentization and web deployment,iMAL offers particular appeal to Islamic financial institutions willing to take advantage of the flexibility, reliability, scalability and portability that this platform offers.
Path Solutions' team of qualified professionals and complementary solution partners have an unparalleled ability to address regulatory and Sharia compliance requirements at both international and regional levels. Armed with deep industry expertise and field-tested best practices, the company's team strives to provide the highest quality services to clients all over the world.
Find out more about Path Solutions at www.path-solutions.com.
About Wifak International Bank
Tunisia's third full-fledged Islamic bank, Wifak International Bank ("WIB") has received an injection up to 30 percent of the bank's capital from the Islamic Corporation for the Development of the Private Sector ("ICD") and 10 percent from the Caisse des Dépôts et Consignations ("CDC").
A technical assistance agreement has also assigned ICD to assist with the complete conversion of the company El Wifack Leasing to comply with Sharia law. ICD will attend the new entity in the conversion process by mobilizing more support teams in key areas of project management, compliance with Sharia, treasury, accounting, human resources, information system, marketing and regulations.
The strategic development plan of the new entity aims to overcome the limitations of a single business product (leasing), and to seize the opportunity of diversifying its offering by proposing Islamic financial products and services to a growing customer base.
Wifak Bank will start offering Sharia-compliant deposits through eight branches. Aiming for a 1.5 percent share of Tunisia's total banking market, the bank expects to open 51 new branches between 2016-2020.
Find out more about Wifak Bank at www.elwifackleasing.com.tn/index.php?option=com_content&view=article&id=51&Itemid=79
© Press Release 2016
