Saudi Arabian non-banking finance company Maalem Financing has signed an agreement to deploy Path Solutions’ iMAL Islamic core banking platform.

The implementation of the new platform is a part of the company’s new digitalisation strategy to meet the customers’ current and future requirements.

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Established in 2009, Maalem Financing focuses on providing Sharia-based finance services to individuals and SMEs in Saudi Arabia.

Maalem Financing CEO Dr Saleh Al Sayari said: “Our selection of iMAL highlights our commitment to technology and innovation.

“We invest in technology to deliver innovative solutions and convenience to our customers. Path Solutions offered the best match to what we want to do. The company possesses the right technology to fulfill our vision.

“iMAL will improve our ability to bring new Sharia-compliant products to market quickly and will also support our ambitious growth plans.”

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iMAL is said to have been deployed by more than 130 Islamic financial institutions globally.

Designed as an integrated platform, the solution helps the financial institution to optimise their infrastructure costs as well as utilise the benefits from open banking solutions.

Path Solutions group chairman & CEO Mohammed Kateeb said: “By selecting iMAL integrated, front-to-back platform, Maalem Financing puts itself in a position to differentiate its customer proposition in a highly competitive marketplace, with the ability to scale its business for growth.

“Our set of services has the capacity to accommodate their business and the all-important journey toward modernisation as part of the company’s focus on innovation and keeping abreast of developments in the field of information technology, to provide its customers with the opportunity to get instant customer fulfilment and comprehensive Sharia-based services.”