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Gambia's AGIB selects Path Solutions' iMAL.

Path Solutions, the global application software and services firm for the Islamic financial services industry, today announced that Arab Gambian Islamic Bank ("AGIB"), the only Islamic bank in Gambia, has opted for Path Solutions' iMAL as its centralized Islamic core banking platform.

AGIB is currently using an in-house IT software system. Given the rising demand in the country for products in accordance with Islamic principles, the bank intends to quickly scale up by launching innovative Islamic banking products. When approaching the selection process, AGIB senior management looked not only at diversifying their product range but also at fulfilling key aspects of regulatory compliance requirements.

"Recognizing the emergence and development of Islamic finance throughout the world, AGIB was looking for a comprehensive Sharia-compliant solution with end-to-end functionality to address increasing demand for Islamic banking products and services in Gambia", explained Muhammed Jah, Chairman of AGIB. "After considering several alternatives, we decided on Path Solutions' iMAL as the most appropriate solution for meeting the needs of the burgeoning Islamic banking segment. By implementing this pioneering core banking solution, AGIB will be able to offer new and unique products in line with the Islamic law to its customers", Jah said.

iMAL is widely recognized as the most flexible and scalable Islamic banking platform available in the market. Architected from the ground up in accordance with the Sharia principles, iMAL empowers Islamic financial institutions to transform their business leveraging technology.

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Publication:CPI Financial
Date:Feb 5, 2015
Words:249
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