iMAL will enable the bank to achieve its ambitious growth targets
Path Solutions, the world leader in the provision of technology solutions to the Islamic financial services industry, today announced that it has signed up Crédit du Maroc (CDM), as the bank’s single financial software partner for its newly launched participative banking window.
Earlier this year, the Committee of Credit Institutions has issued a favorable opinion on the application submitted by CDM for the launch of a participative window.
The top-ranking Moroccan financial institution - CDM, which offers a comprehensive range of retail banking, corporate and investment banking services, selected Path Solutions after an international request for proposals. CDM chose Path Solutions for its excellent track record, its experience and its leadership in Sharia-compliant software solutions.
CDM opted to launch its participative activity with a solid and dedicated Islamic core banking system. iMAL from Path Solutions seemed to respond to the requirements of CDM. “We looked to partner with a core banking system provider who has delivered pure Sharia-compliant solutions for major Islamic banks and Path Solutions clearly stood out in this respect”, commented Abdelali Bennouna, Director of the participative window in CDM.
iMAL is the world’s most widely used Islamic core banking system, and provides an advanced, open technical architecture combined with functionality richness, enabling both Islamic banks of any size and Islamic windows to respond to evolving market needs, accelerating their core competitiveness for the future.
Mohammed Kateeb, Path Solutions’ Group Chairman & CEO said, “Our engagement with CDM reinforces our leadership position in providing Sharia-based solutions for leading banks in North Africa. We are pleased to be the partner of choice to CDM to help start the new journey towards participatory banking. The strength of iMAL will allow CDM to be customer-centric and responsive to market changes, while maintaining full Sharia compliance. Through open architecture, advanced echannels and mobility, the system will allow CDM to provide services to its customers such as mini-statements of account, funds transfers, bill payments, portfolio management services, real-time stock quotes, and alerts on account activity”.
Following the comprehensive regulatory reform initiated in January 2014 by Bank Al Maghrib (Central Bank of Morocco) for establishing participative entities in the country, CDM will launch its new participative activities in 2017 and iMAL will be then deployed as planned. The bank’s selection of iMAL Islamic Banking & Investment System emphasizes its commitment to compliance, technology and innovation, and to offering a complete range of modern Sharia-compliant banking products supported by distinctive and effortless customer experience.
Founded in 1992 and building on 25 years of solid experience, Path Solutions is well positioned to be the trusted IT partner of forward-thinking Islamic banks willing to capitalize on best-of-breed technologies. The company goes a step beyond traditional software vendors by delivering solutions designed to mitigate Sharia risk, optimize output, minimize costs and which can be easily extended to support geographical and business expansion.
Path Solutions accelerates growth for its clients. With more than 100 successful installations in 37 countries, Path leads the industry in global Islamic core banking deployments, enabling “switch on” approaches that speed time-to-market and empower business transformation through rapid replacement of legacy systems.
The history of Crédit du Maroc dates back to the year 1929 when the first branch of the bank was opened. Crédit du Maroc is a universal bank for individuals, professionals and corporates. Its organization is based on a commercial network of 323 branches spread over the whole territory to better serve its customers.
Crédit du Maroc offers tailor-made solutions that meet all of its customers’ needs, from everyday banking to financing solutions for operating cycles and investments in all markets: Large companies, SMEs, real estate, agriculture and agro-business. Its growth strategy is based on a strong innovation capacity aimed at satisfying its customers.
Crédit du Maroc is a member of the Crédit Agricole SA Group (France), present in more than 70 countries around the world and has relationships with more than 1,000 foreign banking correspondents. Crédit du Maroc supports its clients all over the world.
The Crédit Agricole Group is the leading financial institution of the French economy and one of the leading banking players in Europe. The leader in retail banking in Europe, the Group, is also Europe’s leading asset manager, Europe’s leading insurance bank and third largest player in project financing.
Strengthened by its mutualist foundations and its 140,000 employees, the Group serves 52 million customers, 8,8 million members and 1 million individual shareholders.
Thanks to its universal proximity bank model - the close association between its local banks and the related business lines - the Crédit Agricole Group supports its clients in their projects in France and around the world; everyday banking, home and consumer financing, savings, insurance, asset management, real estate, leasing, factoring, corporate and investment banking.