Zain Bank chooses iMAL: Iraqi bank partners with Path Solutions to innovate at speed and scale
Path Solutions today announced that Zain Iraq Islamic Bank for Investment and Finance (Zain Bank), a newly established Islamic retail bank in Baghdad, has selected iMAL Islamic Core Banking System for the launch of its Islamic banking services, as it seeks to tap into the growing demand for Islamic banking products across the country.
After evaluating offerings from a range of international vendors including Temenos, Misys, Oracle FS, ICS Financial Systems and Capital Banking Solutions, Zain Bank decided to go for Path Solutions. This is the company’s second win this year in Iraq following the signing of a strategic partnership agreement with Al Rajeh Islamic Bank in July.
A recent entrant in Iraq, Zain Bank is a newly established Islamic bank with headquarters in Baghdad. The bank has received its Islamic banking licence from the Central Bank of Iraq on 11 August, 2016 and officially opened its doors on 4 December, 2016. With an ambitious expansion plan, Zain Bank aims to become the premier Islamic corporate and retail bank in Iraq by offering its clients world-class digital banking services supported by state-of-the-art Shari'ah-based technologies.
Tawfeeq Hashim Tawfeeq, Managing Director, Zain Bank, said, “We selected iMAL because of its excellent reputation in delivering to local banking demands including Islamic banking requirements. This scalable platform will allow us to grow quickly by launching a wide range of innovative Shari'ah-compliant banking products to meet the demands of our customers in the country. We feel confident that our investment in Path Solutions will pay off by helping us adhere to local standards, attract new business and subsequently win superior market share”.
Path Solutions is enjoying a landmark year, with Islamic banks across the globe selecting its cutting-edge core banking system as the foundation for their Shari'ah-based banking operations, firmly establishing iMAL as the core banking system of choice for forward-thinking Islamic banks facing diverse industry and market challenges.
Mohammed Kateeb, Group Chairman & CEO, Path Solutions, said, “Iraq experiences increasing momentum in the growth of Islamic banking and we are excited to further build upon our unique position in this country. We are confident that Zain Bank will benefit from our industry know-how to launch and expand its business significantly, and manage future growth in a competitive environment”.
Zain Bank chose Path Solutions’ iMAL because of its proven success in meeting local regulatory requirements and supporting the full range of Islamic banking business models. The new system will empower the bank to provide modern Islamic banking services to its customers and become one of the most forward-looking banks in Iraq.
“We want to provide an enriching, memorable experience to our customers with a wide range of products and services that are both compatible and up-to-date with the digital world and support compliance with Shari'ah rules,” said Hashim Tawfeeq. “iMAL will enable us to immediately achieve the results we desire, while also providing us with a modern, robust Islamic banking platform to ensure compliance with upcoming regulations. We are proud of partnering with Path Solutions to meet our corporate goals for ambitious growth”.
Zain Bank will implement iMAL*2Mobile and internet Banking, part of the iMAL banking suite, so that the bank can engage more closely with its customers. Zain Bank has received a licence to undertake foreign transactions as well. This is a major growth opportunity for the bank; and to underpin its trade finance and treasury services channels and operations, the bank will also implement iMAL*TradeFinance and Islamic Treasury, in addition to BI, Risk Management and FATCA solutions, the reporting module with its feature-rich and user-friendly web interface, and a next-generation HR operational portal to ensure a modern digital workplace.