Path Solutions Make Inroads in West Africa
01 April, 2011
Path Solutions have won four new orders in West Africa with Banque Islamique du Sénégal, Banque Islamique de Mauritanie, Banque Islamique de Guinée and Banque Islamique du Niger pour le Commerce et l'Investissement. The four banks are owned and managed by Dakar-based Tamweel Africa SA.
Zakiyoulahi Sow, Managing Director of Tamweel Holding Group believes that iMAL will help the banks ensure fully Shari'ah-compliant operations while delivering high quality customer-oriented services and competitive Islamic financing products. The system will also be used at the new affiliates that Tamweel Africa is considering establishing in Mali, Benin, Gambia and other countries.
The four banks will be deploying iMAL 12 which will allow them to benefit from the functionalities of the new release. The projects are expected to go live in 2011 with Path Solutions' iMAL providing transaction banking functionality including account services, profit calculation, risk management, trade finance, Islamic investment, reporting and delivery channels.