Maldives Islamic Bank goes live with Path Solutions’ iMAL to support growth strategy

March 29, 2011 - The successful implementation was completed on February 22nd. The Maldives Islamic Bank (“MIB”) is currently operating using iMAL Islamic banking system to support and integrate its retail and trade finance operations.

The implementation of iMAL modules has been achieved ahead of schedule and budget allowing MIB to go live within 2 months time. It is definitely one of the market benchmarks with regards to core banking implementations.

In an interview with Alain Abou Khalil, SVP Professional Services at Path Solutions, he said that clients are looking for IT vendors who offer leading edge Sharia-compliant technologies and can support their customers’ queries in a time record. Abou Khalil explained, “The implementation project was such a great success due to the close collaboration between MIB team and Path Solutions PS team. Both sides brought their top talent to the table and the teams worked tirelessly to achieve a record implementation”.

Continuing, Harith Harun, Managing Director of MIB confirmed: “Selecting the right Islamic core banking provider that could support our strategic business initiatives and that would enable a quick start-up for MIB, meant that Path Solutions was an excellent fit. Path Solutions’ global presence and extensive expertise in deployment allowed MIB to go live according to plan and we have already begun to see business process improvements”.

In this respect, MIB would be Path Solutions’ first live customer in the Maldives. iMAL offers groundbreaking technology with unprecedented scalability and unmatched performance and regulatory compliance and will allow MIB to provide credit facilities to businesses and individuals under Murabahah, Ijarah and Musharakah as well as trade finance, remittance and ancillary services.