Path Solutions picks Nityo Infotech to boost footprint in South East Asia

Path SolutionsGlobal Islamic banking software company Path Solutions has picked Nityo Infotech to act as Path Solutions’ Business Alliance Partner for sales and services related to iMAL enterprise Islamic banking & investment platform in South East Asia.

New Jersey-based IT services firm Nityo Infotech will also provide post-sales implementation and support for iMAL clients in this region. This partnership will enable Path Solutions to “seamlessly” offer innovative banking products to address this region-specific Islamic banking requirements, the company said.

“Sharia-compliant financial assets are forecasted to reach $3.2 trillion by 2020 according to ICD Thomson Reuters Islamic Finance Development Indicator, with ASEAN countries such as Malaysia, Indonesia, Brunei and Thailand leading the Top 20 Countries in Islamic Finance Asset. Given the rapid and outstanding boom the Islamic finance sector is witnessing in this region, we have partnered with Nityo Infotech to help expand our client base in South East Asia,” said Mohammed Kateeb, Group Chairman & CEO, Path Solutions.

“Taking advantage of the opportunities digital disruptions offer as we are entering the new, digital-driven era of globalization 4.0, we built iMAL on modern and advanced architecture to fulfill the ever-evolving needs of the Islamic finance industry. The platform also reduces market pressures and regulatory burdens, and supports Islamic financial institutions in their digital transformation journeys in a cost-effective way,” Kateeb added.

iMAL is a 100 per cent Sharia-compliant core banking platform. It brings packaged Islamic banking functionality combined with digital banking offerings.

“This partnership is an expression of our confidence in Path Solutions’ top-notch Islamic banking technology, industry business practices, track record of fail-proof implementations, and world-class business model. We hope that together we will create the perfect partnership to offer a unique value proposition that helps Islamic financial institutions in South East Asia gain a distinct competitive advantage in an increasingly complex and dynamic market…,” said Naveen Kumar, Founder and CEO, Nityo Infotech.

Last month, Path Solutions announced that Maisarah Islamic Banking Services of BankDhofar has successfully upgraded its core banking platform to the latest version of iMAL.

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