Amana Bank selects Path Solutions as preferred technology partner

By Pavithra R

Amana Bank, a leading Islamic bank in Somalia has announced that the bank has selected iMAL from Path Solutions to replace its legacy IT system and deploy a single, cloud-based digital banking platform to underpin its banking operations. 

The deal marks Path Solutions’ third win in Somalia after Premier Bank and MyBank. The agreement was signed by Amana Bank’s Chairman Abdirizak Hussein Malin and Path Solutions’ Group Chairman & CEO Mohammed Kateeb.

“As part of our strategy, Amana Bank has instituted a digital transformation plan that will help us meet the emerging needs of our customers and the increasing demands of innovation. Consequently, we required a partner with open and agile technology that will drive powerful change. We have chosen Path Solutions for its ability to deliver vital digital financial solutions at this critical time with its depth of experience supporting Islamic banks in Africa. The company has differentiated itself from other vendors in its unique ability to combine core Islamic values with modern digital banking solutions, and to fully comply with Sharia and banking regulations. We are confident that the new technology, proven to significantly improve levels of customer fulfilment, will transform our operations by driving incredible efficiency gains while also reducing risk, lowering overall IT costs via higher automation and lower maintenance spending,” said Abdirizak Hussein Malin, Chairman of Amana Bank Somalia.

Path Solutions will supply and install its AAOIFI-certified Islamic core banking platform iMAL in addition to its comprehensive digital suite at Amana Bank Somalia. The new digital software will provide instant 24/7 service availability with convenient online banking, frictionless payments and transfers, personalization, engagement and retention.

Path Solutions’ iMAL, is a new generation of comprehensive enterprise and yet modular Islamic banking and investment system addressing the in-depth business functionality and the state-of-the-art technology in a single, highly integrated front, middle and back-office system. The new iMAL platform leverages AI and machine learning to help financial institutions get predictive insights for better data-driven decision making. It will also help bolster customer loyalty through enhanced security transactions.

“We are delighted to partner with a leading Islamic bank in Somalia on a project that will set a new standard in digital banking for the country. Today, every financial institution has an incredible opportunity to apply advances in cloud computing to redefine every aspect of its business. Somalia’s Amana Bank is a good example of this transformation to drive innovation forward and ensure much more secure banking experience, enabling customers to enjoy the nuances of non-stop banking with cloud-based services. The bank will also benefit from the full Islamic coverage which bridges the gap between modern customer requirements and intrinsic Islamic values. Our multi-award winning Islamic core banking platform will support the delivery of innovative digital products that are both Sharia-compliant and specialized for Amana Bank’s retail and corporate customers,” said Mohammed Kateeb, Path Solutions’ Group Chairman & CEO. 

Path Solutions offers a range of software solutions to Islamic banks and Islamic financial institutions addressing all their operational requirements. It is a provider of next-generation Sharia-based software development and implementation, consulting, support, training, and outsourcing services. The FinTech touts to have enabled clients in more than 40 countries to stay ahead of emerging industry trends and outperform the competition.