Maldives Islamic Bank (MIB) has selected Path Solutions' iMAL core banking solution to infuse innovation and accelerate growth.
Under this agreement, Path Solutions will roll out its iMAL suite including Islamic Invest, Trade Finance, SWIFT, and reporting modules.
MIB is a collaboration between the Islamic Corporation for the Development of the Private Sector (ICD) – the private sector arm of the Islamic Development Bank – with 70% interest and the Government of Maldives which holds the remaining 30%.
MIB managing director Harith Harun said that MIB is focused on offering innovative Islamic banking products and solutions of international standards that meet the needs of corporate and retail clients, stimulating the demand for such services in the country.
Path Solutions chairman and CEO Mohammed Kateeb said that iMAL powerful capabilities in fostering innovation, increasing productivity and meeting diverse customer needs empower start up banks to match in their service large successful conventional banks following a record implementation time.