January 10, 2007 - Path Solutions, the global provider of enterprise applications for the financial services industry, today announced that United Bank Limited (UBL) has selected Path Solutions famed iMAL for its Islamic banking operations in Pakistan.
The agreement stipulates the implementation of iMAL - Path's pure product for Islamic banking practices at UBL Ameen. iMAL will be the core-banking platform for the said business, powering its Islamic retail, corporate and investment banking operations.
"From the very beginning, we wanted a proven technology partner who could look after our needs and I am confident that the implementation of Path Solutions' iMAL will lead UBL Ameen to achieve customer service excellence while providing total Islamic-based banking products," pointed out Mr. Hussain Mazhar, Group Head, UBL Ameen, United Bank Ltd.
Path Solutions iMAL Islamic Banking Suite has been specifically designed for Islamic financial institutions and it is already used by many prominent banks in the Arab Peninsula since its launching in 1992. These include ABN AMRO Pakistan, Bank Muscat Riyadh, IIAB Jordan and Arab Islamic Bank Palestine.
"We are excited to be working with Path Solutions in this strategic and global initiative. Being the first to launch a product is not enough anymore, since products can be copied very fast. It is the customer service level which matters - and that's where technology comes to our rescue. iMAL has the ability to operate within the highly nuanced Islamic banking practices while integrating our bank with global banking norms. It will offer UBL Ameen a single customer view and provide automation across multiple delivery channels", Mr. Mazhar added.
Speaking on the same occasion, Mr. Wissam Bushnak, EVP operations - Path Solutions, said: "Competition in the financial services sector has become intense, as banks compete with each other in providing better services and superior banking products to their discerning customers. In this complex and fast-changing environment, it is often the flexibility of banks to adapt to more customer friendly technologies that sets the competition apart. I must congratulate UBL Ameen -Islamic Banking for taking a significant step in that direction. Through our strategic partnership, we shall endeavor to serve and support them in particular and the Islamic banking community in general".
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About United Bank Limited
United Bank Limited (UBL) is one of Pakistan's largest private sector banks with assets of over Rs.380 billion, a network of nearly 1,050 branches and over 2.8million customers. UBL also has 15 overseas branches in the Middle East and the US, as well as subsidiaries and rep offices in the Middle East and in Europe. With over 47 years of sound standing in Pakistan, UBL has earned for itself the distinction of being seen as a progressive customer-driven bank. For more information about UBL, please visit: www.ubl.com.pk
About iMAL
iMAL is a pioneering award-winning IT business of Path Solutions. Since its launch in 1992, iMAL has been chosen by more than 30 financial institutions worldwide. iMAL is based completely on the Shariah guidelines and is in full compliance with the AAOIFI and IAS standards.
© Press Release 2007
