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Bank Assafa goes live with updated iMAL at its core

Bank Assafa, a wholly-owned subsidiary of Attijariwafa Bank in Morocco, has gone live, with the latest version of iMAL, as part of its strategy to bring disruptive Islamic banking services to its customer base.

With AAOIFI-certified iMAL roll out, the bank will be able to realise its growth strategy cost-effectively and will be able to offer a complete array of Sharia-compliant products and services to its corporate and retail customers.

“The project implementation has delivered a multi-award winning Islamic core banking platform that includes a comprehensive model bank enabling us to be fully compliant with local regulations. The market potential here is immense and we believe that the flexibility and scalability provided by the system will support Bank Assafa in its ambitious strategy to take innovative products and differentiated services to market rapidly,” said Youssef Baghdadi, General Manager of Bank Assafa.

The Moroccan bank was founded in 2017, and it offers a range of ethical banking products that are compliant with the Higher Council of Ulema guidelines. The bank has a vast network in the country covering 40 branches in 20 cities.

“Morocco is embracing inclusive Islamic finance and Bank Assafa will definitely be a key contributor in expanding this segment in the country and in West Africa as a region; therefore, we are delighted to be their strategic technology partner. As technology becomes the strategic driver in the financial industry, we believe that our AAOIFI-certified core banking platform, which is built on the latest advancements in technology, will contribute tremendously to the innovation while speeding up time to market for interest-free products and services to satisfy the Moroccan customers,” said Mohammed Kateeb, Group Chairman & CEO, Path Solutions.

With the latest successful implementation, Path solutions will be able to enhance its footprints in Morocco and North Africa by extending financial services to a broader community of clients.

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