Omantribune
Oman Tribune
Omantribune
Omantribune Search News
Web Oman
    Google Search Button
      Tribune
- Oman
- Soccer World Cup
- Other Top Stories
- Middle East
- Business
- Sports
- India
- Pakistan
- Asia
- Europe
- Americas
- Columnists
- Editorial
- Oman Mirror
- Special Features
- Cinema
- PDF Pages
- Weather
- Travel
- Currency Rate
- Hospitals
- Pharmacies
- Services
- Flight Timings
- Museum Timings
Omantribune Home Omantribune About Us Omantribune Advertising Information Omantribune Archives Omantribune Subscribe-Form Omantribune Jobs Omantribune Contact Us
Monday, July 28, 2014  

Bank Sohar, Path Solutions ink pact for Islamic banking system
MUSCAT Bank Sohar and Path Solutions on Tuesday inked a pact for implementing the software provider’s Islamic banking IT solution iMAL at the bank, according to a press release.  

Bank Sohar has selected Path Solutions after evaluating several software solutions providers and the bank has become the fourth bank in the Sultanate to adopt Path Solutions’ iMAL system.

Mohamed Abdulaziz Kalmoor, CEO of Bank Sohar, said that innovation is imperative in this era of globalisation and added, “We were impressed with Path Solutions’ willingness to meet our needs in providing end-to-end AAOIFI-certified Islamic banking solution. iMAL is a flexible and scalable banking platform that will drive new business models around sharia principles, which will in turn increase the volume of our business, thus helping Bank Sohar achieve and maintain competitive edge”.

Recently, Bank Sohar partnered with Dar Al Sharia to make sure that there is no compromise in the development of products, processes and systems and to also make sure that the staff is trained by experts from the region.

Bank Sohar has identified three areas of utmost importance for ensuring that its Islamic window is a solution that respects the basic tenets of Islam, the sensibilities of Omanis and is within the guidelines of the Central Bank of Oman.

Mujahid Said Al Zadjali, AGM and head of IT, Bank Sohar, said the bank leverages IT to make the customer’s experience more convenient, effective and efficient through services such as “Anytime, Anywhere Banking” through a range of delivery channels, such as branches, ATMs, e-banking and SMS, and across payment and settlement systems and it is our endevour to implement Islamic banking solution smoothly within a given time frame.

Mohammed Kateeb, group chairman & CEO, Path Solutions, said, “We consider this opportunity to work with Bank Sohar an endorsement of Path Solutions in the Islamic banking sector. Bank Sohar will seek to service a market niche in Oman that has only been lightly tapped by local financial institutions, becoming a major participant in the market for sharia-compliant Islamic securities, treasury and investment products.”

Oman Tribune
NEWS UPDATES
Oman
Salalah turns tourist hot spot
150 Tabseel sites get ready in Al Mudhaibi
Bait Al Zubair to stay open
Other Top Stories
Army captures Homs gas field as IS advances
5 die in bomb attack on Nigeria church
Eid to be celebrated on Tuesday
97 killed as militias try to capture Libya airport
Cameroon deputy PM’s wife abducted
India
Jurists’ views to be sought on bill to scrap collegium
Government mulls amendments to curb misuse of anti-dowry law
38 held, blame game starts over violence in Saharanpur
CBI inquires into Google mapping of defence installations
India move will boost ties: Nepal
Mobile wallet needs more time to gain fans
Pakistan
Government bid to call out army to secure Islamabad challenged in court
Islamabad saw more sectarian killings in 2013 than preceding decade
Middle East
Al Qaeda rebels kill 8 in Yemen
Militiamen parade bodies of IS rebels in Iraq city
In IS-ruled Mosul, residents in state of fear
No clue about cause of Air Algerie crash
Asia
Tainted Chinese food supplier to withdraw items
Philippines welcomes 100 millionth infant
Malaysian Airlines in financial turmoil
Bali goes ahead with mass dog culls despite criticism
Business
India’s rating to stay stable, says Morgan Stanley
Qatar spending growth at 11-year low
BSkyB to buy German, Italian firms to create EU media powerhouse
New asset bubbles likely to derail tepid global recovery
Cairn looks to extend Rajasthan oil block permit
Reliance Power to acquire Jaypee’s hydro projects
Fox likely to sell CNN despite higher tax bill, may not spin it off
India mulls media blitz to woo foreign investors
Sports
Hungry Ricciardo tastes victory
Dyke calls for overhaul in FA’s governing council
Test poised for close finish between Sri Lanka and S. Africa
Ashmeade, Gemili cruise in 100m
Kittel wins final stage but Nibali is 2014 champ
Dhoni warned by ICC over Jadeja row
Cook misses ton but Ballance makes up for captain

Sports


International

© 2013 Oman Tribune. All rights reserved. Best viewed in 800 X 600 resolution