BOK International UAE embraces iMAL Islamic Core Banking System
Path Solutions announced today that Bank of Khartoum Group signed a licence to acquire the new ground-breaking version of iMAL Islamic core banking system for its newly established branch in the United Arab Emirates - BOK International UAE.
iMAL latest version offers an advanced and agile banking platform carrying many technical and functional refinements that would bridge the fintech gap. With this further investment in Path Solutions, BOK Group will have the best solution available in the market to meet its international expansion plans. The latest version of iMAL, which was selected over international competitors’ systems, will deliver competitive edge to BOK International UAE bringing real benefits to the bank’s customers - particularly in areas like Shari’ah and regulatory compliance, customer service management, Islamic investment, asset management, trade and project finance, and international money transfers.
BOK International UAE is a fully-owned subsidiary of Bank of Khartoum Group. In August 2017, the bank was granted the final operational license by the Central Bank of the UAE after fulfilling all requirements of the initial provisional license that had been granted in April 2016, achieving a significant milestone in its strategy to provide a wide range of Shari’ah-based innovative products and services to retail and commercial customers in this new geography.
“iMAL supports the bank’s operations across Sudan and Kingdom of Bahrain, and we have achieved successful results with this solution, being in line with the principles of Shari’ah law. BOK International is a new entrant in the UAE market, and we strongly believe that iMAL, a truly world-class Shari’ah-based banking solution will bring us tangible benefits in the way we run our business in the UAE”, commented Fadi Al Faqih, Chief Executive Officer of BOK Group. “We are confident that iMAL will give BOK International UAE a significant edge and sustained steady growth advantage over our competitors, in the same way it is empowering us in Sudan and Kingdom of Bahrain”.
“We are excited to be a partner in this impressive international growth by BOK Group, because it is a loud testimonial to the value we are bringing”, said Mohammed Kateeb, the Group Chairman & CEO of Path Solutions. “New age banking with all its regulatory challenges across different countries requires industry depth and knowledge of local markets, and an advanced core banking platform. A world-class technology is vital to achieving BOK International growth objectives in the UAE. iMAL has proven its excellence in Shari’ah compliance, security and risk management capabilities, and the flexibility to scale the business rapidly to meet future expansion plans”, Kateeb added.