May 14th 2012,

Muscat/ BankDhofar recently named Path Solutions as its Core Banking System provider for its Islamic operations. This system, entitled 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.

Speaking on the signing of the agreement, Mr. 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, and we are currently focusing on increasing our competitive edge and expanding our business. We will be 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 Mr. Abdul Hakeem Omar Al Ojaili, General Manager Corporate Services BankDhofar and Mr. Mohammed Kateeb, Group Chairman & CEO Path Solutions. Senior members of both companies gathered to witness the signing as well as the local media.

Commenting on the selection process, Mohammed 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 3rd bank in Oman to embark on Path Solutions' best of breed iMAL. The bank joins a growing list of Islamic banks adopting iMAL system to meet the needs of a large, complex financial services sector.

-Ends-

About Path Solutions
Kuwait-based Path Solutions is a global technology services firm. The company provides end-to-end innovative software solutions for the Islamic banking and financial services industry segment.

Path Solutions' customer base spans across 28 countries. The company has a strong presence in the Middle East, Africa, Asia Pacific and England.

Path Solutions differentiates itself through its certified software solutions and its strong implementation track record. Gartner places Path Solutions in its 'Market Trends' 2011 report at the forefront as the first IT service provider for the Islamic banking industry in regulatory compliance and technology flexibility and with a solid expertise in a number of system replacements.

For further details, go to www.path-solutions.com

About BankDhofar
With assets worth around RO 1.5 billion BankDhofar (SAOG), is ranked number 1, as the 'Best Bank in Oman 2010' by the Oman Economic Review-Gulf Baader Capital Markets, Business Today's 'Banks & NBFCs' survey conducted by Ernst & Young and 'Best Bank in Oman' by the pre-eminent international finance magazine Euromoney. With a strong presence in Corporate Banking, Consumer Banking, Treasury and Project Finance, the Bank has a network of 60 branches and 140 ATMs and Cash Deposit & Bill Payment Machines. BankDhofar has a reputation of commitment, foresight and solid growth.

For further details, go to www.bankdhofar.com

© Press Release 2012