FIBA suscribes to iMAL Islamic core banking system

Financial Investment Bank (FIBA), the first bank in Sudan specialized in dealing with all types of financial products with the private and public institutions and companies through capital markets mechanisms, has selected Path Solutions’ iMAL as part of the bank’s strategy to upgrade its core banking platform.

This move comes following a decision taken by the senior management to replace the bank’s existing core banking system as banking goes increasingly digital.

iMAL is a very broad, highly flexible solution, and its business capabilities are very strong. The ability to enable multichannel support is inviolable, with a high number of directly supported channels.

According to FIBA, the bank selected Path Solutions’ iMAL Islamic banking system after two years of extensive evaluation of different international banking systems because of its various pre-configured products and best practices processes which help reduce implementation time and costs. The agreement was signed by Dr. Taha Eltayeb, CEO FIBA and Mr. Mohammed Kateeb, Group Chairman & CEO Path Solutions. Senior officials from both companies were present during the contract signing ceremony.

“Our clients are our number one priority, and it is essential that we have the best technology to meet their needs effectively. We selected Path Solutions’ iMAL because we have found that the system is very advanced, robust and Sharia-compliant and we are confident that by increasing automation, reporting and STP capabilities, iMAL will enable us and our clients to benefit from greater reliability and non-stop processing capabilities. We are glad that iMAL is capable to serve our banking needs as well as our capital market operations”, said Dr. Taha Eltayeb, CEO of FIBA.

FIBA has become the sixth bank in Sudan to adopt Path Solutions’ iMAL. This deal reaffirms Path Solutions’ position as a partner of choice for banks across Sudan.

“Our pre-packaged version of iMAL offers viable alternative to upgrading legacy systems and can drive down the total cost of ownership when replacing multiple applications”, explained Mohammed Kateeb, Path Solutions’ Group Chairman & CEO.

“We are strategically focusing on Sudan in response to demand from local banks embarking on modernization initiatives. We are proud that FIBA has joined our growing list of clients who have chosen iMAL for its richness in terms of functionality, and we are determined to helping FIBA meet its business goals going forward”, he affirmed.

(AME)


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