Sales League Table 2020 | Banking Technology Winners

Results Announced!

Stay up-to-date with the latest industry news and analysis.

Subscribe to BankTech Daily News today. Limited time offer.

The Black Swan Opportunity | Get your bank digital ready.

IBSI Special 5 Digital Report Package with Special Offer. Subscribe now

Core Banking Market Dynamics Report 2020

Global analysis of core banking system sales. Subscribe now

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.

Related IBS Intelligence Research

Related Posts

BNY Mellon to boost real estate fund administration services for Deka Immobilien

BNY Mellon announced today that Deka Immobilien has selected the former’s services for the provision of global fund administration coordination and oversight for its Special Purpose Vehicles (SPVs). BNY Mellon is expected to coordinate accounting data from the SPVs around the world in which Deka funds invest, review the data, translate it into the required […]

This post is only available to members.

Read More »

PPRO study shows younger generations leading the UK alternative payment method adoption

A new study by PPRO has revealed that younger generations are spearheading the adoption of alternative payment methods (APMs), including bank transfers and e-wallets. The study showed that 42% of the Millennials and 35% of the Generation Z respondents have either used the above-mentioned methods of payments before or are confident using them. UK consumers […]

This post is only available to members.

Read More »