Morocco-based Attijariwafa Bank Group has selected Path Solutions as its IT partner to help it serve its customers with Sharia-based core banking platform.
Pursuant to the terms of the agreement, Path Solutions will deploy its interest-free core banking platform iMAL across the 31 branches of Bank Assafa, a subsidiary of Attijariwafa Bank.
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The technology vendor will also deploy Sharia-compliant financing, delivery channels and trade finance at the bank.
Bank Assafa chairman of the management board Youssef Baghdadi said: “The launch of our new participative banking subsidiary is part of Attijariwafa Bank’s long term vision to diversify its product offering.
“We looked at a number of solution providers for our new Sharia-compliant core banking system and we turned to Path Solutions following good references from several leading Islamic banks and because we simply wanted the best.”
The new core banking platform will offer the bank’s customers a number of benefits in areas such as project finance, financial messaging, Sharia-compliant investment, and financial reporting.
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By GlobalDataPath Solutions group chairman and CEO Mohammed Kateeb said, “The implementation of iMAL will facilitate Bank Assafa’s entire operations, allowing it to serve its customers with true Sharia-based state-of-the-art core banking platform to launch a wide range of innovative products to advance financial inclusion and attract the majority of the population that are currently unbanked.”
