Faisal Islamic Bank signs for Path Solutions’ iMAL core banking system
Sudan-based Faisal Islamic Bank is modernising its core banking software with Path Solution’s iMAL.
On the way out is the legacy decentralised Pentabank system, supplied by Financial and Banking Systems (FBS), a local tech vendor.
The new solution will be centralised at the bank’s head office and rolled out across the bank’s 100 branches.
Faisal Islamic Bank will also implement Path’s mobile and internet banking solutions, plus business intelligence (BI) and risk management tools.
Path says the bank went through a detailed selection process, in which major IT vendors took part. The two shortlisted vendors – Path and ICS Financial Systems (ICSFS) – were invited to run onsite workshops for nine days. Path states that iMAL’s “broad functional reach” was “the key reason” for being chosen ahead of the ICSFS system, ICS Banks.
El Bagir Ahmed Al Noury Adlan, GM of Faisal Islamic Bank, says the bank “had to face significant overruns of cost and time estimates over the past few years” on its tech modernisation journey. “Many other core banking system providers failed to achieve the bank’s transformation objectives,” he explains.
“As we all know, core banking systems form the backbone of any financial institution, hence a replacement should be a very well-thought-out process. This time we believe that we have selected the right platform that meets the bank’s business requirements.
Path says iMAL is “the most widely used across Africa with an installed base of more than ten clients in Sudan”. Users include Bank of Khartoum, Arab Sudanese Bank, United Capital Bank, and Sudanese Egyptian Bank.