Maalem Financing moves to Path Solutions’ iMAL Islamic core banking platform
New core banking tech project for Path Solutions in Saudi Arabia
Saudi Arabia-based Maalem Financing will be rolling out Path Solutions’ iMAL Islamic core banking platform progressively throughout the company’s headquarters.
“Our selection of iMAL highlights our commitment to technology and innovation”, comments Dr Saleh Al Sayari, CEO of Maalem Financing. “We invest in technology to deliver innovative solutions and convenience to our customers. iMAL will improve our ability to bring new Sharia-compliant products to market quickly and will also support our ambitious growth plans.”
The iMAL platform will replace legacy systems at Maalem Financing, to make use of new technological advances for its customers.
Maalem Financing delivers Islamic financial services to individuals and SMEs. It was founded in 2009 and licensed by the Saudi Arabia Monetary Authority (SAMA).
The company has reported brisk growth in its financing portfolio, consisting of a variety of Murabaha products receivables in the first quarters of 2017.
Path solutions has been involved in quite a few deals throughout the Muslim world in the past year.
For example, in February this year, Trustbank Amanah, the first Islamic bank in Suriname, went live with iMAL.
In December 2017, Path Solutions signed up Al Baraka Banking Group in Syria; and Al-Rajih Islamic Bank for Investment and Financing, a greenfield bank in Iraq,
