(MENAFN- Muscat Daily) Meethaq has upgraded its core banking system adding a host of cutting edge and first-of-its-kind Islamic banking services covering ATM/CDM debit card and mobile banking for Meethaq customers.
Bank Muscat's Islamic banking window now functions with the new iMal core banking system a press release said on Tuesday.
Sulaiman al Harthy group general manager of Islamic banking said 'Meethaq is
delighted to successfully implement the upgrade to a state-of-the-art Islamic core banking solution incorporating the latest technology to meet the bank's requirements of Sharia'a compliance cost-optimisation improving profitability and serving customers faster and efficiently. With this upgrade the bank is able to fulfil numerous new business requirements and customer demands.'
Harthy added 'The upgrade stems from Meethaq's commitment and focus to take the lead role in offering a suite of Sharia'a based banking products and services. Meethaq has adopted the best practices in Islamic banking and finance worldwide to combine a robust model which protects customers and complements the Islamic banking industry. The Meethaq strategy is to attract customers through innovative Sharia'a based products and services. We thank our customers for their co-operation during the upgrade.'
Mohammed Kateeb group chairman and CEO of Path Solutions said 'It is exciting to see the results of the partnership
between Bank Muscat and Path Solutions bringing the bank's Meethaq Islamic operations to a successful upgrade to iMAL core banking. The partnership with the flagship financial services provider and the pioneer of Islamic banking in Oman endorses the leadership position of Path Solutions as the number one provider of Islamic banking IT solutions. I congratulate both organisations on this amazing success.'
iMAL is a Sharia'a-compliant core banking system certified by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). It is an integrated modular Islamic banking suite with full functionality including retail corporate investment trade finance and treasury modules. It supports multi-company and multi-bank environments and is truly global in scope incorporating both multi-currency and multi-lingual capabilities. In addition iMAL contains robust risk management and security features that provide a flexible user-friendly interface while allowing Islamic banks to have complete control over their financial systems.
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