iMAL System to be adopted by Kurdistan International Bank For Investment & Development, Iraq

July 29, 2010 - Path Solutions, the world leader in providing IT solutions and services to the Islamic financial services industry and Kurdistan International Bank For Investment & Development (KIB), the largest retail and investment bank in Kurdistan, Iraq announced today the signing of a strategic agreement to install Path Solutions’ iMAL at the bank’s Erbil Head Office and its subsidiaries across Iraq.

The license and professional services agreements were signed on July 4 at the bank’s headquarters between Sheikh Salar Mustafa Hakim, Chairman of KIB and Mohammed Kateeb, Path Solutions’ Chairman & CEO.

KIB selected Path Solutions’ iMAL after carrying out an extensive evaluation and analysis process. The decision to deploy a new core banking system is in line with the bank’s business strategy of growth and enhancement of its product offerings as it strives to become one of Kurdistan most modern and service -oriented banks. The kick start of the implementation will take place during the month of July.

Commenting on the deal, Sheikh Salar Mustafa Hakim, Chairman of KIB said, “KIB is well known for business innovation in Iraq’s financial sector, with strong professional competence and superior customer service. To support our growth and retain the competitive edge that we have, we needed a state of the art core banking system that not only delivers on our requirements today, but will support our future needs. With an extended functionality and scalable architecture, iMAL solution may be the best alternative available in the market. With the introduction of this new technology, we will be able to improve the efficiency of our operations and excel in an increasingly competitive marketplace”.

Continuously pursuing innovation and development, KIB is part of one of the most influential and powerful groups in Iraq and it is directly involved in the insurance, oil and gas, automotive, tourism, housing and construction industries along with other activities.

“We are proud to have KIB, a pioneer bank in our customer portfolio. This is a strategic win for us. We know, with the expertise we possess and the know-how we have acquired, combined with the history of successful go lives in different countries, we would be able to help KIB realize its goals and boost the bank’s competitiveness in the market”, said the Chairman & CEO of Path Solutions, Mohammed Kateeb, in a press conference.

Path Solutions is constantly working to achieve excellence in the quality of products and services provided to its valued clients. Path Solutions’ strong market share is testament to its ability to maintain technology advantage. Its sustained growth and invaluable confidence of customers, is a clear manifestation of the quality and dedication, the company is committed to.