Path Solutions wins IBSI Global FinTech Innovation Awards 2020 for implementation of iMAL at four Al Baraka Banking Group subsidiaries

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Path Solutions has been named winner of the ‘Best Islamic Banking Implementation’ category following its successful implementation of iMAL at Al Baraka Banking Group in the IBSI Global FinTech Innovation Awards 2020.Four subsidiaries of Al Baraka Banking Group implemented the iMAL Islamic core banking platform bringing transparency and accountability to their operations, strong functional improvements, greater operational efficiency and better customer experience. Disparate legacy systems were hampering the four banks’ growth. The award-winning iMAL provides an integrated platform that gives a single view of the customer relationship and multichannel customer relationship management capability. The four-subsidiary project also included integrating data from different sources, providing a unified view of the customer across transactions and channels thereby giving the four subsidiaries insights into customer preferences and behaviour. On this occasion, Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said, “The award is an acknowledgement of our constant endeavour to harness new technology capabilities to deliver business value to our clients even under most abnormal conditions. Since the start of the pandemic, we have supported our clients’ efforts in revising their business models, and who in turn had to cope with an almost unmanageable increase in customer requests and online transactions. We are particularly proud of this multi-country implementation, which we had to conclude during the pandemic; our teams worked day and night together with our clients to go live successfully in four different countries. This recognition by IBS Intelligence reinforces our commitment towards providing our clients with best-in-class Islamic software solutions for mission critical banking processes”. Robin Amlôt, Managing Editor of IBS Intelligence said, “We have all, corporately and individually, faced a challenging time in 2020. It is highly encouraging for us to be able to recognize and honour those companies that have risen successfully to these challenging times. It is particularly a pleasure to remark on the successes achieved by Path Solutions in implementing core banking solutions at not just one but four subsidiaries of Al Baraka Banking Group, helping to ensure that these banks continue to offer ever better customer experiences within their Islamic banking services”. Path Solutions was selected after a thorough due diligence process that included global IT vendors. This core banking overhaul has enabled the four banks to have a strong footing on the digital platforms. It also meets Al Baraka Banking Group’s strategic long-term plans in facilitating product diversification, ensuring compliance with Sharia requirements, and streamlining processes that will eventually result in decreasing costs and increasing revenue.

About Path Solutions:

Path Solutions is a fintech digital solution provider serving 140+ Islamic financial institutions across 40 countries with a comprehensive set of services that brings unique convergence of domain and technology. The company’s new age initiatives – digital & social banking, mobility, business analytics, risk management & compliance solutions – cater to the evolving need for speed, reach and predictability. Its multi-award winning AAOIFI-certified core banking platform iMAL is based on an open architecture and supports open banking through open APIs and web services. Path Solutions’ total commitment to open standards enables its clients to benefit from the latest technology advances ensuring business agility, continuity, data integrity and availability, and low downtime delivering a significant and immediate ROI.

About Al Baraka Banking Group:

Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and Nasdaq Dubai. It is a leading international Islamic banking group providing its unique services in countries with a population totalling around one billion.
The group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition it has two branches in Iraq and two representative offices in Indonesia and Libya. ABG and its subsidiaries offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Sharia. The authorised capital of ABG is US$ 2.5 billion.

About the IBSI Global FinTech Innovation Awards:

The IBSI Global FinTech Innovation Awards seek to identify and honour banks, financial institutions and technology players for their excellence in driving impact through banking technology implementations and innovations using emerging technologies. IBS Intelligence invites banks and financial institutions, as well as global IT vendors and new-age Fintech suppliers to showcase their excellence in project delivery and innovation. This year, the IBSI Global FinTech Innovation Awards have recognized the most innovative and impactful projects around the world, across 30 categories.