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Maldives Islamic bank deploys iMal core banking solution.

MIB is a collaboration between the Islamic Corporation for the Development of the Private Sector (ICD) - the private sector arm of the Islamic Development Bank - which holds 70% per cent and the Government of Maldives which holds the remaining 30 per cent. It received a banking licence to conduct Islamic banking business from the Maldives Monetary Authority in August 2010.

MIB Chairman Khaled Al Aboodi said the bank hopes to capture up to 25 per cent of its local market share within three years or so by offering Islamic finance products targeting small and medium enterprises (SMEs) and fisheries.

Harith Harun, Managing Director of MIB commented, "MIB is focused on offering innovative Islamic banking products and solutions of international standards that meet the needs of corporate and retail clients, stimulating the demand for such services in the country. To meet its development requirements, MIB required a highly scalable, pure Islamic banking software system which could support faster product innovation and deliver a differentiated customer experience."

With a 100 per cent Muslim population of some 330,000 in Maldives, Harun expects strong demand for Shari'ah-compliant products to drive the bank's future growth.

As part of the evaluation process, MIB considered several solutions from other major providers before selecting iMAL from Path Solutions. The selection process focused on acquiring a new generation technology to support the bank's imperatives on Shari'ah compliance, customer centricity and time-to-market for business related changes.

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Publication:CPI Financial
Geographic Code:9MALD
Date:Dec 12, 2010
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