Ameen Al-Iraq Islamic Bank for Investment and Finance powers digital banking with iMAL

17 April 2019

Ameen Al-Iraq Islamic Bank for Investment and Finance (known as: Ameen Al-Iraq) has just signed for Path Solutions’ iMAL Islamic core banking platform in preference to other core banking systems for its new digital banking business in Iraq. The contract signing took place in Beirut, Lebanon.

The iMAL suite was selected ahead of other digital core banking platforms in a tough race to enable Ameen Al-Iraq to provide its customers with a world-class banking experience, equal or better than leading regional banks, while allowing a speedy response to market demands.

While the country began to emerge from decades of conflict and hardship, Ameen Al-Iraq was founded as an Islamic retail bank licensed by the Central Bank of Iraq. Headquartered in Baghdad, the bank offers a wide range of Sharia-compliant financial services for retail, corporate, and trade financing for local corporations and contracting companies, in addition to mobile banking services such as deposits, withdrawals, account transfers, bill payments and balance inquiry.

Announcing this, Kamal Suhail Abdulla, Chief Executive Officer, Ameen Al-Iraq Islamic Bank for Investment and Finance, said, “Our ambition is to quickly become a true banking partner for individuals, professionals and businesses, particularly through an equitable, ethical and mutually beneficial relationship. We want to contribute to the construction of a fair and equitable Iraqi financial system. And thus, we aspire to be a great niche bank by embracing modern Sharia-compliant banking. We selected iMAL so we could conform to the Islamic law, easily adapt to the dynamic and complex Iraqi banking landscape, and serve our customers’ financial needs in a secure manner. We are confident that with iMAL we can readily meet emergent regulatory and industry compliance requirements”.

Ameen Al-Iraq has chosen iMAL Islamic core banking platform for its open architecture, digitally-rich functionalities, an unmatched company track record of successful implementation projects across more than 100 sites worldwide, and longstanding partnerships with leading Islamic banks in the region. The depth and breadth of iMAL is expected to help the bank gain business agility, create competitive differentiation, and position it well to address the opportunities of the future.

Mohammed Kateeb, Group Chairman & CEO of Path Solutions said, “Islamic banks in Iraq have been quick to realize that banking tomorrow will look fundamentally different from today. The Iraqi market appears to have considerable potential with a relatively large number of Islamic banks. Ameen Al-Iraq is clearly pioneering a path in this segment with a perspective of future development on a regional scale, and we are proud to be their IT partner of choice in their exciting journey. We are delighted to welcome them to the large and growing iMAL family in Iraq and globally”.

Path Solutions’ iMAL will provide Ameen Al-Iraq a world-class open banking platform that is highly scalable, proven, flexible and low risk as they forge this new and exciting chapter in their history.

About Path Solutions

Path Solutions is a Fintech solution provider serving over 140 Islamic financial institutions across 39 countries with a comprehensive set of services that brings unique convergence of domain and technology. The company’s new age initiatives – Digital & Social Banking, Mobility, Business Analytics, Risk Management & Compliance solutions cater to the evolving need for speed, reach and predictability. Its multi-award winning Islamic core banking platform iMAL is based on Service-Oriented Architecture (SOA), and supports open banking through open APIs and web services. Path Solutions’ total commitment to open standards enables its clients to benefit from the latest technology advances ensuring business agility, continuity, data integrity and availability, and low downtime delivering a significant and immediate ROI.

About Ameen Al-Iraq Islamic Bank for Investment and Finance

Mouta for Remittance (MTMO) announced that it completed the procedure and received the approval of the Central Bank of Iraq and Companies’ Registrar to convert into Ameen Al-Iraq Islamic Bank for Investment and Finance in December 2017, and approved increasing the capital from IQD45 bn to IQD100 bn. ISX has suspended trading of MTMO on January 21, 2018 until Ameen Al-Iraq, which operates within the diversified Iraqi financial sector, applies for a listing request.

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