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Tuesday, July 22, 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
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