July 21, 2009 - United Capital Bank (UCB), an Islamic bank situated in Sudan, has signed an agreement with Path Solutions, a dedicated software house, to revamp the bank's core banking system.

UCB management had evaluated several international banking software solutions and chose Path for its AAOIFI-certified software, technical expertise and prestigious user base in Sudan.   

"We had to ensure that UCB could not only maintain its position in the Sudanese market, but also keep ahead of the competition and this means we've got to upgrade our systems to continue to offer the excellent service that our customers expect", explained Kamal Elzubeir, CEO and GM of UCB.  "We were looking for ways to capitalize on technology to sustain our lead. With Path Solutions' pure Sharia-compliant software, we will be well equipped to handle the challenges of tomorrow". Elzubeir confirmed that iMAL will cover the entire bank's requirements, i.e. provide full STP from front-to-back, automate work processes, centralize operation management and more than that, it will ultimately help to improve customer services.

Naji Moukadam, President of Path Solutions commented, "We are pleased to have been chosen ahead of the competition for our understanding of UCB's business and objectives. This signing is another strategic milestone for Path Solutions as it reaffirms our market dominance in Sudan. We look forward to working alongside the team at UCB to ensure that the bank is able to quickly expand, offering new Islamic banking products to its customers without disrupting normal business".

iMAL will enable the bank to realize its strategy to become "the bank of the future", combining a local presence with the advantages of offering Sharia-compliant banking services.

-Ends-

About Path Solutions 
Path Solutions is a recognized market leader in the delivery of AAOIFI-certified software solutions to the Islamic finance industry. Path offers a wide range of IAS-compliant integrated solutions covering Core Banking, Customer Universal Services, Investment and Private Equity, Treasury, Funds Management, and Securities Trading system in GCC and Global Capital Markets.

Offerings include Project Management and Business Consulting addressing the whole spectrum of the global finance industry and in specific the Islamic finance industry.

Founded in 1992, Path Solutions is headquartered in Kuwait, with a Research & Development centre in Lebanon and support offices in Bahrain, Pakistan, UK and Malaysia.

About United Capital Bank
United Capital Bank (UCB) was established in August 2005 under Sudan's 1925 Company's Act with a license from Central Bank of Sudan to perform all banking activities. Its paid-up capital amounts Sudanese Pound  SDG 240 million (about US$ 120 million).The bank's shares are listed in Khartoum Stock Exchange and are owned by Sudanese, Kuwaiti, Lebanese, and Egyptian individuals and institutions. Major shareholders include Aref Group - Kuwait, Fransabank - Lebanon and Boubyan Bank - Kuwait.

United Capital Bank became operational in August 2006, as an Islamic corporate bank. The bank provides financing for major projects in Sudan in addition to general working capital requirements to prime corporate and government entities under the various Sharia-compliant modes of financing such as Modaraba, Mosharaka, Mourabaha, Ijarah, Istisnaa, etc.

UCB provides Islamic commercial banking services including deposits, loans, and investment banking services including corporate finance and investment advisory on mergers and acquisitions, initial public offering and underwriting; asset management services; brokerage services on the Khartoum Stock exchange; direct investment in various sectors, all in accordance with Islamic principles.

© Press Release 2009