FEE Bank and Path Solutions today announced that the newly established FEE Bank branch in Malaysia would implement iMAL Conventional and Islamic Banking Solution. Under the deal, Path Solutions will undertake to deliver an integrated banking solution encompassing front-end delivery channels, financing management, accounting, treasury and trade finance, including database and IT infrastructure. Path will also provide in-depth business consulting services to support the bank's growing ambitions.
"We have gone through a rigorous selection process which focused on finding a world-class banking software package to support the bank's crucial objectives on client-centricity, growth and time-to-market. We were also looking for a technology that would enable us to respond quickly and effectively to continually changing business dynamics" explained Dr. Ali Afzali, Chief Executive Officer of FEE Bank.
"We have evaluated several leading technology solutions and finally chose iMAL Enterprise Banking Solution as it offers a comprehensive solution addressing our both conventional and Islamic banking needs and proved to be functionally superior at every stage of the evaluation. Leveraging iMAL, the bank plans to create a differentiated customer experience through innovative products to support our aggressive growth plans. This contract marks a concrete step forward in the cooperation between FEE Bank and Path Solutions ", Dr. Afzali said.
Naji Moukadam, President of Path Solutions explained, "We are very pleased to be working with FEE Bank in setting up their IT infrastructure. FEE Bank has impressive growth plans. These include increasing its profitability by diversifying its product offerings as well as expanding its presence in other countries too. We look forward to helping FEE Bank achieve its strategic objectives of innovation and growth". Moukadam added: "This partnership highlights iMAL powerful capabilities in fostering innovation, increasing productivity and meeting the diverse customer needs. It has proved its dominance in multi-country deployment for major banks throughout the world. As for Path, it is a breakthrough to have an Iranian bank on Path Solutions ' user list. FEE Bank is part of Bank Mellat Group, one of the largest commercial banks in the Islamic Republic of Iran, ranking amongst the top 1000 banks in the world".
iMAL is the AAOIFI-certified core banking software from Path Solutions. Apart from its scalability and tremendous STP flexibility, iMAL provides the agility to respond to business needs. iMAL has been designed to operate on the widest selection of technology platforms possible. It uses standard open technologies and also provides tools and techniques for adapting it to local environments.
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