Path Solutions, the global provider of software solutions and services to the Islamic finance industry, today announces that Al Baraka Bank Syria has successfully deployed iMAL enterprise banking and investment system with full service offerings to its customers in just 6 months. The solution will enable the bank to meet its growing volume requirements, reduce risk and increase its profitability through STP, automation and centralisation.
“We’ve gone through a whole evaluation process by comparing a number of international software vendors” said Anas Kharrat, IT Director at Al Baraka Syria. “It was imperative for us to select the right partner with a robust Islamic solution that could match the future ambitions and plans of our bank. Path Solutions has developed a record of strong and consistent achievements”. And he further added, “Today, Al Baraka Bank Syria starts its operations using Path Solutions’ industry-focused and user-friendly iMAL system which will enable us to accelerate innovation, increasing the effectiveness with which new Islamic products are created to constantly improve customer experience”.
Al Baraka Bank Syria opted to implement iMAL based on a number of criteria. Path Solutions’ iMAL best-in-class, fully integrated and scalable software solution will give Al Baraka Bank Syria a whole new way of delivering innovative products. It will also increase efficiencies and transparency in banking operations.
Alain Abou Khalil, VP Professional Services at Path Solutions commented, “Al Baraka Bank is the third Islamic bank in Syria running live on iMAL . The successful implementation of iMAL at Al Baraka Syria clearly demonstrates our commitment to providing world class core banking solutions benefiting our clients and marks yet another important milestone in Path Solutions’ success story”.
The implementation of iMAL at Al Baraka Bank Syria covered the following areas: Retail Banking including Branch Automation, Commercial Banking, Corporate Banking, Credit & Facility Management, Automated Teller Machines, Accounting & Finance and Profit Calculation.
Al Baraka Bank Syria is a subsidiary of Al Baraka Banking Group (“ABG”) that has pioneered the development of Islamic banking and finance. The group has a wide geographical presence in the form of subsidiary banking units in 12 countries, the latest was Syria. The authorized capital of ABG is US$1.5 billion. The capital of Al Baraka Bank Syria is of 5,000,000,000 SYP.