Path Solutions empowers Islamic banking operations at Al Baraka Bank Syria
Path Solutions, a leading provider of information technology solutions to the Islamic financial services industry, today announced that Al Baraka Bank Syria has selected Path's Islamic banking solution to meet the growing industry demand.Both Al Baraka Bank Algeria and Al Baraka Bank Sudan are currently using Path Solutions' iMAL system.
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With the establishment of Al Baraka Bank Syria, the bank has recognized new opportunities to play a catalyzing role in the country, providing innovative and pioneering Islamic banking products to its diverse clientele.
- “The partnership with Path Solutions is an opportunity to be the dynamic leader in providing a wide range of innovative Sharia-compliant products to the Syrian community. The system will contribute towards our objectives of effective and efficient Islamic banking operations”
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said Mamoun Darkazally, General Manager of Al Baraka Bank Syria.
Al Baraka Bank Syria is a banking unit of Al Baraka Banking Group, a leading international Islamic bank that offers retail, corporate and investment banking and treasury services strictly in accordance with the principles of the Sharia. The authorized capital of ABG is $1.5bn, while the total equity amounts to about $1.52bn.
Al Baraka Bank Syria is the 4th Islamic bank in Syria to run on iMAL. The bank joins a growing list of Islamic financial institutions that have adopted Path Solutions’ iMAL, an enterprise-wide solution developed from scratch to address all Islamic banking requirements.
“We are very pleased that Al Baraka Bank Syria has selected iMAL solution, after Al Baraka Bank Sudan and Algeria”, commented Naji Moukadam, President of Path Solutions. “This proves that banks eager to achieve competitive advantage and optimum customer focus and responsiveness go for Path Solutions’ unique iMAL system. We believe that the capabilities of our technologies are unrivalled”.
Al Baraka Bank Syria is fully committed to ensuring it is using pure Islamic banking software. The decision of the bank to deploy iMAL is further validation of Path Solutions’ mission to be the IT provider of choice for Islamic financial institutions worldwide.