Apr 22, 2013
April 17th 2013 - Path Solutions, the global application software and services company, announced today that Maisarah Islamic Banking Services, BankDhofar’s Islamic banking window has successfully gone live with iMAL Islamic core banking system on Monday March 4th.
With the enterprise Islamic banking system from Path Solutions, Maisarah will benefit from a robust platform that will standardize its business processes and provide a technical road map that matches its plan for growth.
Maisarah Islamic Banking Services has joined a growing list of Islamic financial institutions investing in a platform to power their growth. With the implementation of iMAL, Maisarah will be able to introduce best-in-class and custom products that match the unique business needs of its clientele, achieve substantial efficiencies and drive future growth and profitability.
Sameh Al Zadjali, Senior Manager - IT, Maisarah commented, “We have worked closely with Path Solutions and have benefited from their experience and market-leading solutions. We are confident that by installing iMAL at the centre of our Islamic banking operations, we will reach our goal of becoming the best Islamic bank in the Sultanate, leader in innovation”.
“Maisarah Islamic Banking Services is a growing bank, and they needed a solution that would give them flexible processes, all-round visibility into their business along with consistent information to decision makers through comprehensive reporting tools”, added Alain Abou Khalil, SVP Professional Services, Path Solutions. “Automation is also playing a vital role in Maisarah’s future. The bank is functioning now on iMAL with full branch automation together with Financing Application Management, Retail Financing, Branch Front Office Automation, Delivery Channels including ATM, Islamic Profit Calculation and Accounting & Financial Control”.
The Islamic financial services sector, like many other industries, is undergoing significant and rapid transformation and banks are realizing the need to leverage technology to become increasingly agile in order to gain a competitive edge. This new milestone is key to Maisarah’s exciting journey as it helps meet rising customer demand for new Islamic products and easy access to high-quality services.
Oman's BankDhofar’s shareholders approved the final plans for establishing Maisarah handling Islamic banking services during 2012. On March 3rd, BankDhofar said it has obtained an Islamic banking window licence from the country’s Central Bank. With a group assets worth over RO 1.5 billion, Maisarah Islamic Banking Services is expected to be one of the fastest growing banks in the Sultanate of Oman, with a strong presence in Corporate Banking, Retail Banking, Treasury and Islamic Financing. Maisarah Islamic banking window started offering services at its first two branches in Azaiba in Muscat and in Al Wadi, Salalah.
Re-disseminated by The Asian Banker