Path Solutions scores first core banking system deal in Morocco
Crédit du Maroc (CDM), a Morocco-based subsidiary of the Crédit Agricole group, has signed for Path Solutions’ iMAL core banking system to support its newly launched participative banking window.
CDM has received an approval from the regulator’s Committee of Credit Institutions to launch a participative (i.e. Islamic) banking business.
Path says the decision to implement iMAL followed an international request for proposals (RFP). This will be Path’s first client in Morocco, Banking Technology understands.
Abdelali Bennouna, director of the participative window at CDM, comments: “We looked to partner with a core banking system provider who has delivered pure Shari’ah-compliant solutions for major Islamic banks and Path Solutions clearly stood out in this respect”.
The business will open to customers later this year.