Amana Bank, a leading Islamic bank in Somalia today announced that it has selected iMAL, the AAOIFI-certified core banking platform from Path Solutions to replace its legacy IT system and deploy a single, cloud-based digital banking platform to underpin its banking operations.

This is Path Solutions’ third win in Somalia after Premier Bank and MyBank Ltd. The company went through a lengthy competitive bidding to which all international suppliers were invited, before being selected as Amana Bank’s preferred technology partner.  

According to a statement following the signing, Path Solutions will supply and install its flagship Islamic core banking platform iMAL in addition to its comprehensive digital suite at Amana Bank Somalia. The new digital software will provide instant 24/7 service availability with fast, inexpensive, easy and convenient online banking, frictionless payments and transfers, personalization, engagement and retention.

Abdirizak Hussein Malin, Chairman of Amana Bank Somalia commented, “As part of our strategy, Amana Bank has instituted a digital transformation plan that will help us meet the emerging needs of our customers and the increasing demands of innovation. Consequently, we required a partner with open and agile technology that will drive powerful change. We have chosen Path Solutions for its ability to deliver vital digital financial solutions at this critical time with its depth of experience supporting Islamic banks in Africa. The company has differentiated itself from other vendors in its unique ability to combine core Islamic values with modern digital banking solutions, and to fully comply with Sharia and banking regulations. We are confident that the new technology, proven to significantly improve levels of customer fulfilment, will transform our operations by driving incredible efficiency gains while also reducing risk, lowering overall IT costs via higher automation and lower maintenance spending”.

The new iMAL platform leverages artificial intelligence and machine learning to help financial institutions get predictive insights for better data-driven decision making. It will also help strengthen customer loyalty through enhanced security transactions.

“We are delighted to partner with a leading Islamic bank in Somalia on a project that will set a new standard in digital banking for the country. Today, every financial institution has an incredible opportunity to apply advances in cloud computing to redefine every aspect of its business”, said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO. “Somalia’s Amana Bank is a good example of this transformation to drive innovation forward and ensure much more secure banking experience, enabling customers to enjoy the nuances of non-stop banking with cloud-based services. The bank will also benefit from the full Islamic coverage which bridges the gap between modern customer requirements and intrinsic Islamic values. Our multi-award winning Islamic core banking platform will support the delivery of innovative digital products that are both Sharia-compliant and specialized for Amana Bank’s retail and corporate customers”.

The new agreement was signed by Amana Bank’s Chairman Abdirizak Hussein Malin and Path Solutions’ Group Chairman & CEO Mohammed Kateeb on Sunday 6 September at Path Solutions’ Dubai office. The implementation will be delivered 100% in the cloud and 100% remotely amidst the COVID-19 lockdown.

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About Amana Bank Somalia

Amana Bank is a fully-fledged Sharia-compliant bank offering banking services according to Islamic principles with financial services to middle markets and micro and macro businesses in Somalia. The bank received a formal approval from the Central Bank of Somalia (CBS) on January 2019, thereby elevating Sharia-compliant banking in Somalia.

Amana Bank is engaged in product diversification to include Islamic insurance, a new range of MSME services, improvement in quality of Sharia-compliant banking, and a strategic shift in IT investment to ensure business innovation and boost its online presence. https://amanabank.so/ 

About Path Solutions

Path Solutions is a Fintech digital solution provider serving 140+ Islamic financial institutions across 40 countries with a comprehensive set of services that brings unique convergence of domain and technology.

The company’s flagship Islamic core banking platform is single, packaged and upgradeable, based on an open architecture to support the delivery of personalized omnichannel customer experience for faster and seamless customer service.

Path Solutions’ digital banking suite enables financial institutions to provide improved digital services that combine mobility, analytics, AI/ML tailored to their customers’ needs with a 360-degree customer view to drive relationship banking, while gaining operational resilience amid the evolving COVID-19 pandemic. Path Solutions gives Islamic financial institutions the choice to deploy the platform on premise or on the cloud. www.path-solutions.com 

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