Sudan-based Ziraat Participation Bank has selected Path Solutions and its iMAL Islamic core banking system.
Founded in 2014, Ziraat Participation Bank is a Sudanese unit of Turkish firms Ziraat Katlin Bankasi and Ziraat Finans Group.
The bank has a mixture of conventional and Islamic banking systems. Its branch in Khartoum offers commercial, retail, investment, and private banking services to customers in Sudan.
The implementation will involve the underpinning of several Islamic financial products, and iMAL solutions including Murabaha, Musharaka, Mudaraba, Ijara, Istisnaa, Salam, and Qard Hasan will be installed.
Metin Özdemir, general manager at the bank, says it selected Path Solutions based on “a technical evaluation of major core banking application alternatives”.
He adds: “iMAL boasts many comprehensive features and functionality designed to provide Islamic banks with a competitive advantage by offering pioneering Sharia-compliant financial technologies that transform the customer experience.
For Mohammed Kateeb, group chairman and CEO of Path Solutions, the deal represents “a significant milestone” for the vendor.