Islamic banking is entering a mature growth phase in its life cycle. With increasing competition, more product development and better customer value is being delivered. But, in a growing industry such as Islamic banking, where Islamic banks are facing a variety of challenges and unpredictable pressures from the multitude of new regulations to risk management, customer retention and cost of legacy systems, the industry has no option but to consider strategic choices and address operational fundamentals and regulatory and Sharia compliance to capture untapped market opportunities.
As the level of competition increases, Islamic financial institutions may have few alternatives to capitalize on opportunities presented by the latest technologies and remain competitive.
To execute a serial of ambitious plans so as to improve business agility, achieve increased performance and help generate significant savings, Islamic financial institutions should partner with a leading Islamic banking software provider with the expertise to help them transform their business quickly, safely and cost effectively.
Founded in 1992, Kuwait-based Path Solutions is a multi-award winning software house, specialized in the provision of integrated solutions and services to the Islamic financial marketplace. We offer a wide range of Sharia and IAS compliant integrated solutions covering Core Banking, Customer Universal Services, Investment and Private Equity, Treasury, Risk Management and Securities Trading system in the GCC and Global Capital Markets.
Our Islamic core banking system - iMAL covers the entire spectrum of Islamic Finance: Islamic Investments, Islamic Deposits, Islamic Trade Finance, Islamic Treasury and Islamic Capital Markets:
iMAL is built on open architecture, offers low cost of ownership and uses established standards such as HTTP/S and XML. It is also available as a Model Bank implementation, with best practice processes built-in.
iMAL is a fully interoperable system that seamlessly integrates with any existing core banking system. Consistently ranked as the first Islamic core banking software system worldwide, iMAL combines front-to-back-office functionality with unparalleled scalability and customer centricity approach. The flexibility and parameterization built into the system adds to its advantages. Not only does iMAL enable Islamic financial institutions to cater for new innovative financing and investment products with minimum set-up time and effort, but it does so with a speed and ease of use that is unmatched in the industry.
With iMAL, Islamic financial institutions are empowered to achieve:
• Built in Islamic operations standards' compliant workflows and system controls
• Provision of customer services through various delivery channels
• Faster time to market
• Exact fit to business requirements
• Operational cost efficiencies
• Phased migration and implementation
• Employment of various delivery channels.