The IT firm signs landmark iMAL deal to convert Summit Bank into a full-fledged Islamic bank

March 15, 2016

Summit Bank, a major Pakistan-listed bank today announced that it has signed a landmark deal with Path Solutions, the global core banking software and services company, to implement iMAL core banking system in the bank's Karachi Head Office and its 192 branches across Pakistan.

Headquartered in Kuwait, Path Solutions will lead one of the major technology-based transformation projects to upgrade Summit Bank to the next-generation core banking platform, as part of the bank's strategic focus to convert its conventional banking business to Islamic banking, to meet rising customer demand for modern banking products, and to gain a competitive edge in Pakistan's growing banking industry. The iMAL core banking system will replace legacy system hPLUS from BiLOGiC Systems Inc.

The new core banking system from Path Solutions is expected to positively impact Summit Bank's banking operations, as the new system uses state-of-the-art technology which will cover among others the following functionalities; CSM; Islamic profit calculation; Islamic treasury; trade finance; fixed assets; conventional deposits, conventional loans and conventional treasury; BI and risk management. It also provides an open architecture which allows for the easy interfaces with external systems, as well as easy delivery of regulatory reports; and integrates with a state-of-the-art AML solution.

"As one of the most complex core banking transformations in Pakistan, including the challenges of parallel conventional and Islamic banking operations, the selection process was extensive", commented Syed Muhammad Anwar Lutfullah, Group Head Information Technology & Payment System at Summit Bank. "It was important for us to select a reliable technology partner offering robust core banking system that could provide a feature-rich Islamic banking experience while facilitating the conventional banking business during the transition period. Summit Bank is committed to using innovative technology to achieve faster time to market for new banking products, create a more efficient branch network, offer superior customer experience and streamline its operations. Working with Path Solutions will help the bank to achieve these goals", he added.

Mohammed Kateeb, Path Solutions' Group Chairman & CEO said, "We are delighted to cooperate with Summit Bank as their strategic IT partner. This win will enable us to further consolidate our leadership position in Pakistan, a key focus market for our banking technologies. Path Solutions has built a vast amount of knowledge and expertise in the banking sector. We have a 100% successful implementation track record at over 100 clients worldwide, and I believe we have proven to Summit Bank that we develop, implement and maintain the best core banking system with the help of the best business and technical engineers and consultants in the market, which will enable them to add real value to their customers and continue to be an innovator in Pakistan. We look forward to further strengthening our relationship with Summit Bank and supporting them achieve their goals".

Summit Bank chose to deploy the award-winning iMAL core banking system after evaluating a number of other competitor offerings, including T24 from Temenos, AutoBANKER from Autosoft Dynamics, and Flexcube from Oracle FSS.

Path Solutions has over 20 years of market experience developing and implementing comprehensive, modularized and fully-integrated Sharia-compliant software solutions for the Islamic financial services industry. The company also recently signed a strategic partnership agreement with Wifak International Bank in Tunisia, outcompeting a number of rival companies in the bid.

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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 Summit Bank Ltd
Summit Bank Ltd is one of the fastest growing commercial banks in Pakistan, which in a very short span of time, has expanded its network across the country. Also targeting to be a universal bank in terms of providing products and services to all key segments of banking i.e. Corporate and Investment Banking, Islamic Banking, Trade Finance, Commercial Mid Market / SMEs, and Consumer Banking. It commenced its operations in August 2006.

The Pakistan operations of Rupali Bank Limited were acquired by Arif Habib Securities Limited under the Scheme of Amalgamation approved by the State Bank of Pakistan. The name of Rupali Bank Ltd was subsequently changed to Arif Habib Rupali Bank Ltd, and then finally to Arif Habib Bank Ltd in October 2007. On 31st March 2010, Suroor Investments Ltd, a company incorporated in Mauritius, acquired 59.41% stake in Arif Habib Bank Ltd from Arif Habib Securities Ltd, and on 18th August 2010, Arif Habib Bank Ltd was rebranded as Summit Bank Ltd.

Suroor Investments Ltd, also entered into share purchase agreements (SPAs) with majority shareholders of MyBank Ltd and Atlas Bank Ltd, who after completion of the transactions have merged in Summit Bank Ltd expanding the bank's geographical outreach with a network of 192 Real-Time Online branches across the country. In line with the management's vision of making Summit Bank a front runner amongst its peer banks, this merger has brought synergies and access to a wider range of markets and customers.

Find out more about Summit Bank at www.summitbank.com.pk

© Press Release 2016