Path Solutions beats ICS Financial Systems to core banking system deal in Iraq
Path Solutions gains new core banking tech deal in Iraq
Al-Rajih Islamic Bank for Investment and Financing, a greenfield bank in Iraq, has signed for the iMAL core banking system from Path Solutions.
The vendor says it was chosen ahead of its regional rival ICS Financial Systems (ICSFS) and its ICS Banks offering.
Al-Rajih Islamic Bank received its banking licence in spring this year. It will implement the iMAL modules for core, clearing and settlement, credit facilities, risk management and FATCA, trade finance, personnel and payroll, Islamic invest, Islamic profit calculation, electronic cheque clearing, delivery channels including mobile banking, central bank reporting, and ATM management.
Mohamad Abdellatif Ali, the bank’s CEO, says his team is confident the new system “will drive the bank’s productivity, lower our costs and risks, and ensure customer-centricity”.
