Mohammed Kateeb, Group Chairman and CEO of Path Solutions

Islamic fintech Path Solutions has completed an upgrade of the core banking system of Iraq’s International Development Bank for Investment and Finance.
Founded in 2011, IDB Iraq is a private bank operating in all major Iraqi cities via 15 branches and an extensive ATM network. The bank offers a portfolio of retail and corporate banking services, investment and treasury services, SME banking, trade finance and credit cards.
Built on an open architecture and developed in Java, the iMAL R14 system allows the bank to take advantage of digitalization, flexibility, reliability, scalability and portability, said Path. IDB Iraq can now offer a wider range of banking products and services based to its customers all over Iraq.
“Path Solutions invests 25% of its annual revenue on R&D for building tomorrow’s solutions based on cutting-edge technology and added-value components to remain the global benchmark for Islamic financial technologies,” said Mohammed Kateeb, Group Chairman and CEO of Path Solutions. “This ensures that our clients can stay future-ready and never have to worry about falling behind the industry. IDB Iraq can now take advantage of the latest version of iMAL, an open and highly configurable platform built for the digital age, incorporating industry best practices based on iMAL-rich functionality.”
Path Solutions’ iMAL is the most widely deployed Islamic core banking platform globally. The upgrade will enable IDB Iraq to enhance its operational efficiencies and improve its compliance and risk management functionalities and also provide the bank with an advanced digital banking platform enabling its customers to access services 24×7.

by Guy Matthews