Path Solutions to ink Core Banking Solution deal with Wahda Bank

21 May 2009

Path Solutions, provider of core banking system iMAL and Wahda Bank of Libya signed contract for the deployment of core banking system in order to support the bank full activities of Retail, Corporate and Islamic banking. iMAL will help expand all banking services provided by Wahda Bank.

Speaking on the occasion of signing the agreement with Path Solutions, Antoine Sreih, Chairman, Wahda Bank, said: “We are happy to continue partnering with Path Solutions in this strategic initiative. Our decision to implement iMAL has been influenced by our old relationship with Path as we have previously implemented iMAL at EAB London and Path’s reputation as a successful and committed software house in providing true Islamic software solutions. We view this partnership as a key component of our overall business strategy. We are confident that with iMAL, we will be able to launch new products to our customers with reduced time-to-market, become more efficient in our operations and decrease our costs”.

iMAL is an Islamic competitive banking suite providing a broad range of products to various functions within the organization including Core Banking, Investment, Treasury, Funds Management, Trade Finance, Fixed Assets, Profit Calculation, CIF and Risk Management. iMAL is a centralized, multi-lingual, multi-currency solution that delivers unparalleled value to banks. It is also scalable and customer-centric and addresses Retail, Corporate and Investment banking requirements.

Naji Moukadam, President of Path Solutions stated: “We are delighted to partner with Wahda Bank as their preferred IT partner. This win will enable us to further consolidate our leadership position as the core banking provider of choice for forward-looking banks in North Africa, a key market focus for our banking solutions”.

Adding further, Moukadam said: “Due to ever increasing customer requirements, it is necessary for Wahda Bank to have an effective operating system in order to support the increasing number of transactions as well as the bank network expansion in the next few years. Path has offered solutions that best meet the current and future needs of Wahda Bank. We believe that, with this cooperation, we will help them achieve successfully their business targets”.

Wahda Bank is a Libyan Shareholding company, established under the law (153) dated 22/12/1970, with a paid capital of 108 million LYD. The Social Economic Development Fund owns 54.1 % of the stocks, the private sector owns 26.90 % and the Arab Bank (strategic partner) owns 19 %.Wahda Bank is considered to be the leading bank in Libya in providing distinguished banking products and services through its 74 branches and agencies spread all over the country.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development