Path Solutions, a leading Kuwait-based banking systems provider and Bank of Khartoum ("BOK"), Sudan's largest Islamic commercial and retail bank today announced the successful deployment of iMAL solution within an extraordinary project timeframe of only 8 months allowing BOK to have a very fast ROI. With the iMAL Enterprise Islamic Banking & Investment System, BOK will be able to enhance its service capabilities to quickly roll out new Islamic products and services to its customers. iMAL will also provide the bank with the advantage of centralized operations and risk management thus enhancing its competitive edge and boosting profitability.
"Bank of Khartoum has put forth an aggressive vision of growth and expansion in the local market and the neighboring African countries. This is another distinguished milestone achieved in the transformation of BOK", stated Fadi Al Faqih, BOK General Manager. "Following thorough due diligence, we've started a technology driven transformation initiative with Path Solutions' iMAL at its heart. We believe that iMAL solution will bolster our entire IT infrastructure and contribute in upgrading business performance. The solution will also allow us to launch new distinguished products and services to our clients using the latest modern technologies".
Commenting on the Go Live, Dr. Khalid Amir Osman PhD, Head of IT at BOK said, "We were pleasantly surprised when both the implementation time and the transfer of knowledge exceeded our initial expectations. This project implementation is absolutely a world record in the core banking implementations for banks of similar size. Path Solutions' team performed fabulously by achieving high level of efficiency and customer satisfaction at once, and the project has been successfully delivered while meeting all specified project requirements. We are confident that with iMAL we will be moving into the next generation of banking".
As one of Africa's leading and most innovative banks, BOK commands great respect from the financial community. It is also the commercial bank with the oldest continuous history in the country. BOK has a network of 18 branches in the capital, 32 branches nationwide and 75 ATMs across Sudan. The bank's expansion plans take into account the need to have a presence in all major industrial, agricultural and commercial centres, where its corporate customers are located, as well as the need to build a strong retail customer base for both deposits and loan products.
Said Naji Moukadam, President of Path Solutions, "We are very pleased that BOK has placed its trust in our AAOIFI-certified software solution, which we were able to deploy very quickly. BOK has mobilized comprehensive resources who spared no effort to help achieve this milestone. We highly value the tremendous contribution of BOK team to ensuring a seamless transition to Sharia-based banking".
According to Alain Abou Khalil, Path Solutions' VP Professional Services, iMAL solution was implemented through a complex architecture of distributed and centralized databases. SAFE was installed at 32 decentralized branches and 18 centralized branches of BOK.
Abou Khalil explained, "The ease of use of iMAL, our work methodology and our highly capable Professional Services team allowed us to deliver outstanding results in a short time span. In this respect, I am taking this opportunity to congratulate both implementation teams for their tremendous efforts in completing this distinguished achievement which stands as a great example of team work between vendor and customer. We look forward to BOK's continued success in Sudan".