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Iraq’s International Development Bank and Path Solutions
announce successful go live of iMAL
July 12, 2011 - Iraq-based International Development Bank (“IDB”) and Kuwait-based Islamic banking software provider Path Solutions today announced the successful Go Live of iMAL Islamic banking solution at IDB main branch in Baghdad on Thursday the 23 rd of June.
Path Solutions’ iMAL now enables IDB Iraq, a startup bank with a paid up capital of 250,000,000,000 IRQ Dinar i.e. $213,948,140 US, to quickly introduce new Islamic products to the market while meeting local banking requirements, including central bank reporting as well as support a sophisticated corporate and retail lending market.
The implementation covered iMAL core functionality and a range of modules, including CIF Opening, Account Opening, Cash Transactions (Deposits, Withdrawals), Credit Limits (Retail and Corporate Limits) and Islamic Operations (Murabaha, Musharaka, Ijara) in line with the bank’s expectations for a first phase.
As per its Board of Directors, IDB will be one of the ten prominent banks in Iraq. The bank is expected to expand into the market rapidly with a strategy to open 5 branches in Baghdad and 5 more branches in the provinces during 2011. The focus will be on the Financing and Investment fields.
Nazar Al Monshi, IT Manager of IDB Iraq commented: “We are very happy of the level of professionalism Path Solutions has shown during the implementation. Armed with a solid implementation methodology and supported by a team of skilled and enthusiastic business consultants, Path Solutions was tasked with implementing a modern Sharia-compliant banking system capable of matching local banking requirements to enable us to meet our possible expansion plans for any banking product or service in the future”.
“IDB Iraq is on a mission to deliver world-class services to all of its customers. Technology is a critical part to achieving this”, explained Alain Abou Khalil, SVP Professional Services at Path Solutions. “As a trusted technology partner, Path Solutions will allow IDB business units to set the bar very high for customer service in addition to providing financial products that comply with Islamic law, such as Murabaha, Mudharabah and Ijara. The next phase of the project will include Internet banking, investment banking and branch automation”.
Abou Khalil noted that the project was executed against very aggressive timelines, on time and in budget thanks to the herculean efforts of the on-site teams and the various support networks who have proven their dedication and commitment throughout the implementation.
IDB Iraq joins an expanding list of both global and regional banks that are adopting state-of-the-art iMAL Enterprise Islamic banking software system to meet the demands of modern banking.
