New bank in Morocco opts for Path Solutions’ iMAL core banking system
New core banking tech deal for Path Solutions in Morocco
A start-up Islamic bank in Morocco, Bank Al-Tamweel Wa Al-Inma (BTI Bank), is implementing the iMAL core banking system from Path Solutions. iMAL will cover the bank’s retail, commercial and corporate banking operations, as well as multi-channel, analytics, risk and compliance functions.
BTI Bank is a joint venture of Al Baraka Banking Group and BMCE Bank of Africa, who own 49% and 51% of the bank, respectively. It received authorisation from the regulators in late 2017 – becoming one of five Islamic banks to have been authorised by Morocco’s central bank, Bank Al Maghrib, that year.
Path says its system will cover internet banking, mobile banking, participatory invest, participatory treasury, delivery channels, trade finance operations and financial messaging at BTI Bank.
Mohamed Maarouf, the bank’s GM, says “it is impossible to attain long-term business objectives without leveraging the benefits of IT in this digital age”. iMAL, he adds, “will provide a sound infrastructure that will allow the bank to foster considerable innovation by launching a series of products that comply with the tenets of participatory banking”.
The vendor says its offering was selected above a number of competitors following “an in-depth review by the bank’s selection committee”.
It is worth noting that Al Baraka Group is already in the process of rolling out iMAL across eight of its subsidiaries in the Middle East and Africa.
Recently, another Islamic bank in Morocco – Bank Assafa (a subsidiary of Attijariwafa Bank) – has signed for iMAL.
